Re:Twitter has officially changed its logo to ‘X’
by red-iron-pine on Monday July 24, 2023 @02:38PM
(#36852459)
TSLA was crazy overvalued, does no one remember that? The reason the ARK funds and Cathie Woods is famous is basically cuz she bet the farm on TSLA.
The stock was absurd -- cars with QA issues and lots of recalls outperforming stocks like Ford or Toyota, companies with decades of making reliable vehicles.
Everyone knew it was overvalued by a long shot, and if Musk sold it would crater. So create a headline grabbing buy that would justify shedding tons of shares, then back out and keep the $$$. When TSLA later has a correction he can just ignore it -- got his money already -- and launch some buybacks on the cheap.
The stock was absurd -- cars with QA issues and lots of recalls outperforming stocks like Ford or Toyota, companies with decades of making reliable vehicles.
Everyone knew it was overvalued by a long shot, and if Musk sold it would crater. So create a headline grabbing buy that would justify shedding tons of shares, then back out and keep the $$$. When TSLA later has a correction he can just ignore it -- got his money already -- and launch some buybacks on the cheap.
Except he couldn't back out.