Dave Portnoy, founder of Barstool Sports, has announced that he has invested $10 million in Tesla stock (NASDAQ: TSLA).
At the time of his purchase, Tesla’s stock was showing weakness, trading at $293.76, down 6.85% that day.
Portnoy explained his approach would be buying DIP, with plans to turn a sudden sale into a million dollar profit in a few weeks, according to a post from X on July 7th.
Update – I bought the 10 milly $tsla hoping for 10% bounce in 2 weeks or less. #crazyelon #ddtg pic.twitter.com/zFqVNMwpKy
— Dave Portnoy (@stoolpresidente) July 7, 2025
His move is due to the Tesla stock being subjected to sustained pressure from multiple headwinds. In March he publicly questioned Tesla CEO Elon Musk’s ability to effectively lead the company while taking on political roles.
Investors said he has the right to ask whether Musk can run Tesla, while also trying to cut costs as head of the U.S. government’s Office of Government Efficiency (DOGE).
Tesla’s growing bearish feelings
In particular, the latest Tesla sale was driven by Musk’s famous political activism, including Trump’s approval in July 2024 and his service in the administration he left in May.
Feelings over TSLA stocks have gotten worse on July 5, 2025, after Musk announced plans to form a new “American Party.”
The move also raised questions among Wall Street analysts. He expected him to concentrate completely on running the company.
In fact, Musk’s new political interest has been driven by his criticism of the “big beautiful bill” that is projected to raise the burden of the US debt.
At the same time, the bill’s provisions to eliminate the $7,500 federal EV tax credit also threaten the profitability of American electric vehicle companies.
Meanwhile, Tesla’s sales performance has declined significantly. Deliveries fell 11% year-on-year in the second quarter of 2025, after a 13% decline in the first quarter. Demand in Europe fell sharply, with sales in markets such as France, Germany and Norway falling sharply.
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