Musk laughs at Bill Miller’s Tesla short fail
Musk tweets a laughing emoji at the legendary investor Bill Miller for shorting Tesla stock when it was less than half its current value. In a CNBC interview, Miller said that he was betting against Tesla because of increased industry competition. At that time, the company’s market value was around $357 billion, but now it stands at $774.6 billion – a 116% increase. Its stock price was at $244.40 as of last market close. The increase was fueled partly by investor hopes that the Federal Reserve would ease its interest-rate-hike campaign, along with a pickup in demand for Tesla vehicles because of price cuts in China and the US. Miller:
I shorted it recently. I shorted more today. If it goes up, I’ll short more. Tesla is now losing market share. They’re cutting price. BYD is introducing a luxury version over in China. It’s a phenomenal company, but it’s not worth $380 billion, in my opinion. I just don’t think it’s worth more than the top five automakers in the world combined. And all of them are coming with electric vehicles.
🤣
— Elon Musk (@elonmusk) June 10, 2023