Barstool Sports founder Dave Portnoy has announced that he invested $10 million in Tesla stock (NASDAQ: TSLA), aiming to profit from a quick rebound amid the ongoing sell-off.
At the time of his purchase, Tesla shares were showing weakness, trading at $293.76 and down 6.85% on the day.
Portnoy described his approach as buying the dip, with plans to turn the steep sell-off into a $1 million profit in a couple of weeks, according to his post on X on July 7.
His move comes as Tesla’s stock has been under sustained pressure from multiple headwinds. In March, he publicly questioned Tesla CEO Elon Musk’s ability to lead the company effectively while taking on political roles.
The investor said he was “entitled to ask” whether Musk could run Tesla while simultaneously trying to cut costs in the U.S. government as head of the Department of Government Efficiency (DOGE).
Tesla’s growing bearish sentiments
Notably, the latest Tesla sell-off has been fueled by Musk’s high-profile political activities, including his endorsement of Trump in July 2024 and his service in the administration, which he exited in May.
On July 5, 2025, sentiment around TSLA stock deteriorated further after Musk announced plans to form a new “America Party,” which spooked investors and contributed to another slide on Monday.
This move also raised questions among Wall Street analysts who expected him to focus fully on running the company.
Indeed, Musk’s renewed political interest has been driven by his criticism of the “Big Beautiful Bill,” which is projected to raise the U.S. debt burden.
At the same time, the bill’s provision to eliminate the $7,500 federal EV tax credit also threatens the profitability of American electric vehicle companies.
Meanwhile, Tesla’s sales performance has declined significantly. In the second quarter of 2025, deliveries fell 11% year-over-year to 394,380 vehicles, after a 13% decline in the first quarter. Demand in Europe dropped sharply, with steep sales declines in markets such as France, Germany, and Norway.
Featured image via Shutterstock