Tesla Is Now Bigger Than Berkshire Following Furious “Gamma” Blast
Tyler Durden
Fri, 11/27/2020 – 09:52
It’s official: ignoring any and all negative news, and rampaging higher day after day culminating in what a mindblowing 586% return YTD, Tesla has just surpassed Berkshire Hatahaway in market cap at just over $550 billion, a fitting tribute to Elon Musk who also recently overtook Warren Buffett in wealth, and is now the world’s 2nd richest man after Jeff Bezos.
The latest move appears to be yet another good old gamma grab, with SpotGamma reporting that on Wednesday TSLA alone traded over 1 million calls, with at least 350k of this volume was concentrated at the Friday expiration. Is SoftBank going for another squeeze?
As SoftGamma concludes, “these plays are similar to August, the question is will this call buying “infect” the broader indicies” and judging by the latest record high in the Nasdaq, the answer is a resounding yes.