Elon is looking like he got suckered into buying Twitter and now has to play the difficult and mundane role of private equity turnaround so that he can recoup his -- and his investors' -- funds. It's a huge distraction from his more important businesses.
Folks are already asking him to step down as Tesla CEO [2]. Best to kick a dog while he's down.
I think Tesla has been overvalued for some time. It's not the only EV company in the world, and soon every company (and domestic production capacity worth its salt) will be pumping out EV options for consumers. This Twitter deal was the activation energy required to jostle the Tesla stock out of its lofty position.
I hope I'm wrong, and that things at Twitter begin to stabilize. I think that SpaceX is one of the most important companies in the world right now, and it needs a leader who can continue to push the boundaries of what was thought possible.
[1] I'm thinking of putting my money where my mouth is and buying puts, which is something I rarely do.
[2] https://www.autoevolution.com/news/unconfirmed-reports-claim...
Well, c'mon, this has always been the case since the very beginning under both Dorsey and Agrawal. The difference then was that the other half of the world was condemning it.
Flying by the seat of your pants is probably fun for Elon but it makes the product worse. If the product gets worse, the people leave.
Even further? It is at $159 today from well over $300 just a few months ago.
The best time for puts was a while ago, it will be a lot harder to make the same kind of money going forward, better be careful.