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Tesla Just Got a Billionaire Ally -- At a Very Interesting Time

Maybe George Soros didn't hear about Tesla's troubles, or maybe he just really likes Elon Musk. 

Or maybe he thinks that this investment will put him first in line for a Model 3 or a Model S. Who knows.

According to new SEC filings, Soros Fund Management took a $35 million stake in Tesla's March 2019 convertible bonds during the first quarter of 2018. Those bonds have been under pressure in recent months, shedding about 15% of their value since a peak last summer.

Tesla continues to be the most heavily shorted stock on the market, with short interest reaching an all-time high of more than 39 million shares heading into May. That's approximately 31% of Tesla's float that's betting on shares to fall. At $35 million, Soros' bullish bet on Tesla is hardly a concentrated position (Soros Fund Management reports about $5.5 billion in aggregated holdings in its SEC filings), but it's a high profile one to say the least.



Technical

Tesla (TSLA) $285.67 for Wednesday closed is still in between the March-May range of $276.39 and $308.63. The stock needs to trade above the consolidation resistant of $308.63 and then $327.35 the 200-SMA.