Friday, hedge fund manager David Einhorn hammered Tesla Inc ($TSLA) and its “despondent” CEO Elon Musk, comparing the niche EV company to Lehman Brothers Holdings Inc, where he had flagged accounting problems several months before its Y 2008 collapse.
“Like Lehman, we think the deception is about to catch up to TSLA,” Mr. Einhorn’s firm Greenlight Capital, which has sold Tesla shares Short, said in a Quarterly investor letter. “Elon Musk’s erratic behavior suggests that he sees it the same way.”
*** Its shares were down over 7% at 261.95 at the close in NY Friday.
Note: there is no support for Tesla’s shares under $260.10 as of Friday’s close.
Many of us see a big problem for Mr. Musk ... Tesla would lose too much money targeting a mass audience by selling its M-3 at a $35,000 starting price, and yet “cannot bring himself” to cancel the program and refund hundreds of thousands $1000 customer deposits.
What Shayne and I see is this: Elon Musk is doing his level best to be relieved of his position as CEO to avoid accountability for the company’s coming collapse.
