US House Speaker Nancy Pelosi seems to have confidence in Texas-based electric car maker Tesla (NASDAQ:TSLA) as she recently exercised stock options to buy $2 million shares of the company.
A regulatory filing revealed Pelosi disclosed her husband’s purchase of more than $2 million in Tesla stock last week. A periodic transaction report of Pelosi’s purchase showed that she exercised 25 call options (2,500 shares) at a strike price of $500, worth about $2.2 million at the time. Pelosi digitally signed the transaction on March 21, 2022, right before the Giga Berlin event.
According to Forbes, the TSLA share purchase marks Pelosi’s biggest equity investments this year. Tesla stock has been steadily rising this month. In the last week of February, TSLA stock dipped a bit on March 6 to $795.35, around the time Tesla was expected to increase its vehicle prices.
Jefferies analyst Philippe Houchois believes Tesla’s recent price hikes might mitigate challenges brought about by supply chain issues. He maintains a “Buy” rating for Tesla, but lowered his price target from $1,400 to $1,250. The company’s future still seems positive, despite all the geopolitical and supply chain challenges plaguing the industry at the moment.
Since the dip, Tesla shares have steadily climbed. As of market close on March 22, Tesla’s stock price stood at $993.98, up 7.91%. TSLA’s rise may continue considering Giga Berlin’s entry into the picture and Giga Texas’ imminent start of operations.
Tesla recently passed another milestone with Giga Berlin’s opening ceremony on March 22. Giga Berlin delivered the first Model Y vehicles made in Germany during the event.
“Thank you for all your hard work which has led to this great day. It’s amazing to see how excited the customers were to receive the cars,” CEO Elon Musk said during his speech. “I mean it was just super good vibes. And I think it bodes well for the future of Giga Berlin—Brandenburg.”