Business Elon Musk teases his skeptics by selling shorts on...

Elon Musk teases his skeptics by selling shorts on the Tesla website

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The market capitalization of the smart electric car company has now reached more than $ 246 billion

6 Jul 2020 13:45By: ntn24.com

Tesla founder Elon Musk is relentlessly mocking carmaker skeptics, who doubt exuberant stock prices, selling shorts bearing the company logo.

On Sunday, Musk followed through on a threat made last week by offering red satin shorts for sale on the company’s website, which was quickly blocked by order volume or perhaps out of curiosity.

“This item is out of stock,” says Tesla’s site, above the sportswear description.

The irascible Musk, a frequent Twitter user, has regularly wrestled with skeptical investors who believe the company is overpriced and short on shares, betting that its values ​​will fall.

Instead, last week Tesla went ahead of Toyota to become the world‘s largest automaker by market cap, prompting Musk to announce plans for the new product, with the company’s logo in gold on the back. front and “S3XY” on the back: a play on words, as well as a reference to Tesla’s S, 3, X and Y models.

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“Dang, we broke the website,” Musk tweeted Sunday afternoon about the shorts, which he promised to give away to market regulators at the Securities and Exchange Commission, a regular target of his punches after repeated clashes over his tweets.

“We will send some to the Sellers Enrichment Commission to comfort them in these difficult times,” he said last week.

Shares of the electric car maker rose another 10 percent in Monday afternoon trading, accelerated by last week’s news that produced more than 82,000 vehicles and delivered approximately 90,650 in the recently ended quarter despite production it was interrupted due to the coronavirus epidemic.

The California firm’s market capitalization has now reached more than $ 246 billion.

“Celebrate the summer in the Tesla Shorts. Run like the wind or have fun like Liberace with our red and gold satin design,” says the website in the new product description.

“Enjoy exceptional comfort since the hood is closed.”

The company still sells only a fraction of the vehicles sold by traditional automakers, but it has captivated the imagination of investors as a bet on the future.

Musk, who turned 49 last month, is seen as a visionary and inventive boss who has challenged conventional wisdom by trying to shift the industry toward electric cars.

But he’s also considered highly unpredictable, and the fraud charges stemming from a Musk tweet cost him and the company $ 20 million, and included the requirement that Tesla supervise his use of social media.

Drafting NTN24 / AFP

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