Tesla cars are now all the rage on Wall Street. Here’s what JPMorgan Chase CEO Jamie Dimon had to say this week about the electric car company.
Dimon released a letter this week in which he talked about his bets on two companies—one of which was Tesla. Dimon owns about 850,000 shares of Tesla stock. On Tuesday, Morgan Stanley raised its target price on Tesla shares from $300 to $360.
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*Two years ago I used the hashtag #WhyTesla was a gamble. Why do investors have to believe they can do something they never do? Because Elon Musk did it. So here’s a New York Times story about how Tesla owes a Chinese partner $82 million because of an Elon Musk tweet.
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Later on Monday a new Bloomberg piece talked about how one of Tesla’s biggest investors, Saudi Arabian Energy Minister Khalid Al-Falih, wants to help Tesla by giving it a $30 billion loan.
According to Bloomberg, sources familiar with the discussions say Al-Falih is pitching Saudi Arabia to other investment banks on an investment in Tesla that would give the company an advantage in the race to produce battery cells for electric cars. The loan would cost $30 billion, or something close to two years of Saudi Arabia’s oil income, the sources say.
(As a side note, at this writing stock in Tesla is off more than 11 percent. )
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