💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Chanos adds to Tesla short; shares down 2% today

Published 11/14/2017, 02:39 PM
© Reuters.  Chanos adds to Tesla short; shares down 2% today
TSLA
-
  • Holding court at a Reuters investment summit, Jim Chanos says Elon Musk will step down as Tesla (NASDAQ:TSLA) CEO by 2020 in order to focus on SpaceX (Private:SPACE). Tesla, he says, will eventually go bankrupt (no time frame given).
  • "Obviously this is not being valued as a car company, it's being valued on Musk ... he's the reason people own the stock."
  • More: "If you wouldn't be short a multi-billion-dollar loss-making enterprise in a cyclical business, with a leveraged balance sheet, questionable accounting, every executive leaving, run by a CEO with a questionable relationship with the truth, what would you be short?"
  • He says he's been adding to his bets against the company all year.
  • Shares down 2.1% on the session.
  • Now read: Ryder Vs. Tesla: Electric Trucks, Now Vs. 5 Years From Now


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.