The circus is still in town, folks.
That's right. The story continues with Tesla and Elon Musk. Monday brought a wave of news from Musk, stating that the company would have over a million autonomous vehicles on the road by 2020. Forget the fact that no automaker produces a fully autonomous vehicle and forget that no one is even close to producing a safe Level 5 vehicle.
It's no surprise that Musk was being so hyperbolic. That's because he knew he was about to deliver an abysmal quarter. And, to be straightforward, it stunk as the electric vehicle manufacturer posted a greater than expected loss of $702MM.
The markets punished shares of TSLA and it ended Friday at just over $235/share. This is a far cry from when it started April at about $285/share.
Given all of the factors at play with Tesla, I just was wondering where the Spies are placing their bets. Are you long or are you short? Are you going long or are you going short? Where do YOU stand, Spies?
Tesla Inc’s stock price slumped 5% on Friday to its lowest in two years, rounding out a rough week that included worse-than-expected quarterly results and a pitch by Chief Executive Elon Musk on autonomous cars that failed to win over investors.
With investors betting Tesla will soon raise capital, the stock fell 14% for the week to its lowest since January 2017, before the launch of the Model 3 sedan aimed at making the electric car maker profitable.
It was the worst weekly drop for Tesla since August last year, when Musk told the New York Times in a tearful interview that he was under major emotional stress...
Read Article