Money Tesla short says Elon Musk makes Donald Trump look like an angel

16:56  12 november  2017
16:56  12 november  2017 Source:   cnbc.com

Tesla Founder Elon Musk Lost $800 Million This Week

  Tesla Founder Elon Musk Lost $800 Million This Week The downside of owing most of your net worth to an erratically profitable company: Your paper value fluctuates. A lot. After a earnings report that did little to pique investor optimism over the Model 3, shares of Tesla fell, leading to a roughly 7% drop off since Monday. That made Elon Musk’s net worth drop by roughly $800 million over the same period. The billionaire CEO who backs Tesla and aerospace company SpaceX, who owes the majority of his net worth to his electric car company, owned a stake in Tesla worth about $10 billion as of Friday. His net worth is now nearly $19 billion thanks to his $9.6 billion stake in SpaceX, and excluding some liabilities, based on data from Bloomberg. Musk’s net worth has fluctuated by billions of dollars, as investors have increasingly bet on, or against, Tesla’s success. At one point earlier this year, the billionaire was worth nearly $23 billion thanks to optimism surrounding the Model 3. And both bulls and bears have a case. Tesla has been burning cash in a bid to produce its mass market Model 3. It has only posted two profitable quarters in its history as a company. Yet in a letter to shareholders recently, Tesla warned of Model 3 production bottlenecks. s a result, Tesla said it would reach a rate of producing 5,000 Model 3 vehicles at the start of 2018. Previously, Tesla said it would reach the rate by the end of 2018. On the other hand, bullish investors are betting on the future of electric vehicles, arguing some patience will result in a successful Model 3 production ramp, leading to steady profitability. Musk is also in a sense, better off than he was just a year ago. Over the course of the past 12 months, Tesla’s stock has risen 59%. According to the Bloomberg Billionaire Index, his net worth was about $8.2 billion back then.

Breaking into autonomous taxis could drive Tesla shares higher, says one analyst. But a short investor isn't buying that idea. ARKInvest analyst Tasha Keeney said Friday on CNBC's " Closing Bell " that billionaire investor Ron Baron may not be wrong to believe he can still make 20 times his money on

Breaking into autonomous taxis could drive Tesla shares higher, says ARKInvest analyst Tasha Keeney. But Tesla short Gabe Hoffman isn't buying it.

Elon Musk, CEO of Tesla © Provided by CNBC Elon Musk, CEO of Tesla

Breaking into autonomous taxis could drive TeslaTSLA shares higher, says one analyst. But a short investor isn't buying that idea.

ARKInvest analyst Tasha Keeney said on CNBC's "Closing Bell" on Friday that billionaire investor Ron Baron may not be wrong to believe he can still make 20 times his money on his investments.

"If you look at the opportunity in autonomous cars, which we think is the largest market opportunity Tesla has in front of it, that is quite possible," Keeney said on Friday.

The potential market for autonomous taxi services is actually much larger than the market for manufacturing cars alone, Keeney said. She also thinks Tesla is much further ahead than any traditional automaker in this space. Keeney does not own any shares of Tesla, but ARKInvest owns shares.

Elon Musk Says This Is Why Tesla Just Fired 2 Percent of Its Work Force

  Elon Musk Says This Is Why Tesla Just Fired 2 Percent of Its Work Force <p>There's a lot to unpack in this message. Here's the good, the bad, and the ugly.</p>And his response was ... interesting.

Breaking into autonomous taxis could drive Tesla shares higher, says ARKInvest analyst Tasha Keeney. But Tesla short Gabe Hoffman isn't buying it.

He also said the Model 3 will “complete disaster” both in quality and safety, and that autonomous cars are at least 10 years away, based on what he reads from autonomous technology engineers. Hoffman said Musk is “full of it” on Tesla ’s timeline for autonomous cars. “ Elon Musk makes Donald Trump

She maintains that while Tesla makes a few thousand dollars off each Model 3, it could make more than $10,000 a year in cash off each car if they were used in an autonomous taxi service.

At least one Tesla analyst remains skeptical. Gabe Hoffman of investment firm Candens Capital says such claims about Tesla's upside potential are "absolutely ridiculous."

Tesla is Hoffman's largest short position.

"Tesla already has a $50 billion diluted market cap. To say that it is going to $1 trillion is unbelievable."

Hoffman said recently issued Tesla bonds are "trading in junk territory and will get downgraded to junk."

He also said the Model 3 will "complete disaster" both in quality and safety, and that autonomous cars are at least 10 years away, based on what he reads from autonomous technology engineers.

Soy sauce older than US on Trump's South Korea menu

  Soy sauce older than US on Trump's South Korea menu A special sauce more than a century older than the United States will be on the menu for Donald Trump at his state banquet in Seoul on Tuesday -- along with a diplomatically tricky prawn. The dinner, at the Blue House compound next to a former royal palace, includes a beef rib dish accompanied by a gravy made with an "exquisite, 360-year-old soy sauce", said a spokesman for Seoul's presidential office.The age implies it was made in 1657, the year the father of the US Declaration of Independence signatory Benjamin Franklin was born.

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Elon Musk said Tesla short sellers are 'jerks who want us to die'. She maintains that while Tesla makes a few thousand dollars off each Model 3, it could make more than ,000 a year in cash off each car if they were used in an autonomous taxi service.

Hoffman said Musk is "full of it" on Tesla's timeline for autonomous cars.

"Elon Musk makes Donald Trump like an angel," Hoffman said.

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