so Dan McCrum from the FT, who noticed Wirecard frantically scraping for pennies while allegedly having billions in cash on hand, has noticed Tesla frantically scraping for pennies while allegedly having billions in cash on hand www.ft.com/content/62df... archive: archive.is/uLXoy - ThreadSky

davidgerard.co.uk • 2 days ago

so Dan McCrum from the FT, who noticed Wirecard frantically scraping for pennies while allegedly having billions in cash on hand, has noticed Tesla frantically scraping for pennies while allegedly having billions in cash on hand

https://www.ft.com/content/62df8d8d-31f2-445e-bfa2-c171ac43db6e
archive: https://archive.is/uLXoy

Comments

bluestockinglit.bsky.social•1 day ago

That doesn’t sound very efficient 🤔

jjeddademinred.bsky.social•2 days ago

Will be happy when it dies...its exactly what Elon deserves for his efforts to destroy democracy around the world.

nostepfordwife.bsky.social•2 days ago

jscram3254.bsky.social•2 days ago

I am so puzzled. Between this, a recall of all of the cybertrucks ever delivered, sales collapsing overseas, and protests at basically all of their dealerships, how has Tesla stock not completely cratered yet?

jeffr23.bsky.social•2 days ago

It's a meme stock,scaring institutional investors off of extremely otherwise rational short positions.

soyweiser.bsky.social•2 days ago

Musk himself is also very vengeful, see how he hates Bill Gates for shorting Tesla. So there is also the risk of leaking that you are shorting it and then pissing off Musk and his informal state connections.

braak.bsky.social•2 days ago

stock market is actually a conspiracy by rich guys to keep each other rich

drop-in.bsky.social•2 days ago

Because stocks can be manipulated by large institutional investors - whales - the same with Bitcoin.

ellenahzulu.bsky.social•2 days ago

It's just a portion of the cybertrucks manufactured within a few months timeframe that have the brittle glue issue (supposedly) that are being recalled for repair.

torontowill.bsky.social•2 days ago

A big part of the answer is, fittingly, a pivot to AI (robots, licensable FSD). It's long been a stock pumped by fantasies, some of which are always "in 2 years", and others that have flopped and been forgotten, despite once (cybertruck, $25k car) and replaced with new fantasies (robots).

torontowill.bsky.social•2 days ago

Meant to say "despite once being the reason the stock was valued so highly". People forget how much optimism there was over the cybertruck eating into the sales of the F150 as the #1 selling vehicle in NA for decades. Bullish analysts also talked a lot about the $25k car being just over the horizon.

drdoofenschmirtz.bsky.social•2 days ago

I think some are still betting his relationship to Trump and power over the R caucus will financially benefit Tesla at some point. Helluva of a bet to make

torontowill.bsky.social•2 days ago

I’ve been waiting on their 2024 audited financials for a long time, as it was obviously a bad year, and it’s harder to hide problems in audited statements (vs quarterly, which are not). I was expecting some red flags to be buried in the notes, but it seems like PWC just let itself be snowed.

torontowill.bsky.social•2 days ago

It’s going to take years to play out, but I will not be at all surprised if PWC ends up on the hook for hundreds of millions of dollars to TSLA investors, courtesy of a securities class action. That stock has withstood a lot of failure, but it won’t withstand $11b/yr on AI for very long.

foxxtrotremade.bsky.social•2 days ago

Yet another reason Musk and other Reactionary Conservative Capitalists want to gut the SEC.

torontowill.bsky.social•2 days ago

A class action doesn't require the SEC's cooperation (although it can certainly help, if the investigation dredges up useful evidence). Some law firms may be scared of going after Musk, but PWC is a soft target. So are Tesla's CFO and directors. Sue them and let them point the finger back to Musk.

molicioushat.bsky.social•1 day ago

Hey sorry, but could you clarify what PWC means? I tried googling it but all I got was a business.

torontowill.bsky.social•1 day ago

Correct, they're Tesla's auditor.

ellenahzulu.bsky.social•2 days ago

I want to know what he intends to do with all the crypto Tesla has on its books.

torontowill.bsky.social•2 days ago

They sold most of their holdings back in 2022, what they're still holding is about a billion dollars worth, which is not very much versus relative to their total cash-equivalents (supposedly, $16b), or their rate of cash burn ($11b/yr).

vovegan.bsky.social•2 days ago

Delicious. Can we expect a Russian recall on Tesla too?

deborahobrien.bsky.social•2 days ago

This article opened my Finance for Dummies eyes. It's the first time I've read a FT story and understood ALL of it. Great story and Dan McCrum is an excellent writer @financialtimes.com

sebvanliempd.bsky.social•2 days ago

besides of being awful in making cars the are also awful in doing crime

davidgerard.co.uk•2 days ago

I think there's a viable car company under there somewhere. But they'd have to backtrack on a lot of really dumb Elon decisions.

plognark.bsky.social•2 days ago

Maybe. Stories I’ve read indicate that his urge to play a big-boy engineer now and then are a source of a lot of their technical issues.

But still, I was shocked to learn they don’t even make their own batteries, I think Panasonic makes them. So, I’m skeptical that there’s much actual value there.

stealthisbook.bsky.social•2 days ago

McCrum broke the poodle shaving affair with Wirecard, so I absolutely expect something as absurd with Tesla

expatintheuk.bsky.social•2 days ago

Paywall

esteef.bsky.social•1 day ago

https://archive.is/uLXoy

Comments

Posting Rules

Reply