The saga of Tesla from Thursday afternoon to Saturday morning is truly one for the books. The consensus seems to be that Elon got off with a slap on the wrist (although let’s not forget the mountain of civil lawsuits awaiting him), but the simple fact is that the crushing Tesla took on Friday has vanished now that this uncertainty has been removed by the SEC’s forgiveness:

The first thing I thought of when I heard the news on Saturday was the fellow below, who was bragging about the mountain of TSLA puts he owned. He thought that, after a historic collapse on Friday, it would be a slick move to hang on to this position over the weekend.

When I mentioned this on Twitter, one adle-brained fellow leapt to this option holder’s defense and said that surely this gentleman had a stop-loss order and would get out cleanly on Monday morning, no problem. This defender seems to be under the delusion that prices are contiguous and aren’t permitted to gap up. He’s in for a surprise.