Dead Brand Walking? Tesla Goes Parabolic As Fundamentals Collapse

The return of the king

Everybody loves a good comeback story. Tesla shares are up 27% MTD vs. the S&P 500 up 2%, bringing Tesla shares to positive territory for the year. There are a combination of factors including the recent CEO incentive plan, the CEO purchase of about $1 bn of stock on 9/12, better delivery momentum at least in 3Q and extreme negative positioning post prior YTD underperformance. We have come a long way from liberal wokes attacking Tesla cars and the share price flirting with 200 back in the spring. It looks like Elon is staging yet another comeback.