Business & Tech
Cal Student Turns $30,000 Savings into $250,000 in Tesla Stock
By using his $30,000 in life savings to buy Tesla stock in 2011, a 22-year-old student at the University of California at Berkeley now has an investment worth $250,000, a more than eight-fold increase, according to CNBC.
A UC Berkeley student who put all his eggs in one basket – by putting his life savings into Tesla stock – is now worth $220,000 more than he was when he bought the stock two years ago, according to CNBC.
Patrick Hop, 22, invested $30,000 in the electric car maker's stock in 2011, when it was selling for $32, CNBC reported Friday. The stock is valued today, Saturday, at $157, according to MSN Money.
"I'm just a big believer in the battery technology," he told CNBC.
Hop sold the stock when it hit $115 and reinvested the money in Tesla call options with a strike price of $130 that expire in January, the network said.
He added he probably will form a startup when he graduates.
-------------------
For another way to connect with Berkeley Patch and other readers, you can "like" us on Facebook.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
