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I lost $70,000 USD on Tesla
16 Nov 2021 (677 views)  

On 6 November, Elok Musk sent out a tweet asking his fans if he should sell 10% of this Tesla stock to raise money to pay his taxes. He announced the result on the following day - there was support. 

The closing price for Tesla on Friday 5 Novermber was $1,222 USD. 

Tesla opened down sharply lower on 8 November. I wanted to sell my Tesla stock but the drop was too much. It closed 12% lower. 

I held 200 shares. Later in the week, I bought another 100 shares at a price of $1,100. I thought that the drop was done.

I was wrong. 

Tesla continued to be weak for a few more days. The stock price is now at $1,013.

I lost about $70,000 USD on the 200 shares that I held at the start and 100 shares that I bought.

Is there a lesson?

Yes, if there is strong selling pressure, it is better to sell the stock earlier and buy them back after several days. 

Hehehe. It is easier said than done. It is also easy with the benefit of hindsight.

Tan Kin Lian
 


I lost $70,000 USD on Tesla
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On 6 November, Elok Musk sent out a tweet asking his fans if he should sell 10% of this Tesla stock to raise money to pay his taxes. He announced the result on the following day - there was support. 

The closing price for Tesla on Friday 5 Novermber was $1,222 USD. 

Tesla opened down sharply lower on 8 November. I wanted to sell my Tesla stock but the drop was too much. It closed 12% lower. 

I held 200 shares. Later in the week, I bought another 100 shares at a price of $1,100. I thought that the drop was done.

I was wrong. 

Tesla continued to be weak for a few more days. The stock price is now at $1,013.

I lost about $70,000 USD on the 200 shares that I held at the start and 100 shares that I bought.

Is there a lesson?

Yes, if there is strong selling pressure, it is better to sell the stock earlier and buy them back after several days. 

Hehehe. It is easier said than done. It is also easy with the benefit of hindsight.

Tan Kin Lian