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Musk tanking his real business to become the world’s richest Glenn Greenwald reply guy

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Tesla stock is tanking as Musk is using it as an ATM machine:

If Tesla shareholders were already worried that Elon Musk was too distracted by his new chief executive position at Twitter, they now have more reason to be upset: Mr. Musk disclosed on Wednesday that he had sold another $3.6 billion worth of Tesla stock, possibly to prop up his embattled social network.

Mr. Musk has now sold $23 billion worth of Tesla stock this year, much of it after he pledged in April to stop selling shares to finance his Twitter deal.

He hinted at what he was up to on Tuesday, saying on Twitter, “Beware of debt in turbulent macroeconomic conditions, especially when Fed keeps raising rates.” That suggests he either plans to buy back some of Twitter’s billions in debt — including the $13 billion it took on as part of his takeover — or, perhaps less likely, buy back some of the company’s shares.

None of this will reassure Tesla shareholders, who are fretting over the roughly 61 percent drop in the carmaker’s stock price from its peak in late 2021 — and a chief executive who has admitted to spending nearly all of his time at Twitter nowadays. On Wednesday, Leo KoGuan, one of Tesla’s biggest individual investors, said on Twitter, “Tesla needs and deserves to have working full-time C.E.O.”

As Paul said recently, Tesla is particularly vulnerable to customers simply deciding to choose another brand or to move on, because the real manufacturers with smaller market caps are already producing better and more reliable EVs at a better price, and the gap is only going to expand in the coming years. Tesla needed customer loyalty, and instead he’s branding his cars as MAGA vehicles despite most of his customer based being educated coastal liberals. (Maybe people who were outraged about the Babylon Bee and Jimmy Concepts being suspended from Twitter will give up their Ford F-350s for Teslas to compensate, but I know how I’m betting.) And it’s worse than that: Tesla makes more money by exploiting the poorly designed market for carbon offsets than by selling cars, so every loss of market share is a double whammy.

It seems bad for a company in such a precarious position to have a CEO spending most of his time moonlighting as the country’s most famous and somehow least funny MAGA Twitter Edgelord while setting billions of dollars on fire, but we’ll see! Meanwhile, if you’re in the arket for an EV scratch Tesla off your list.

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