You won't believe this. I bought about $5 million of Tesla stock back in 2010 and sold all of it in December. Actually, I'm not telling you the entire story. On Jan 1st I shorted a massive block of this same Telsa stock.
And bought a McLaren P1. For those of you who live like peasants, that's a car...a very very fast car.
How do I do this? I run the Spritlzer Opportunity Fund and live in a very big house. Honestly, it is more like a sprawling estate.
Where was I. Oh, yah...would you like to join me and invest in my new Digital Currency? ACT NOW.
Tesla is the worst-performing stock in the S&P 500 this year
Worse than Etsy. Worse than Boeing. Simply the worst
By Melvin Backman, Quartz Media
Feb 5, 2024
Poor Tesla. All those recalls, a CEO whose drug use is allegedly so bad his rich friends on the board reportedly want him to head to rehab, increased competition at home and abroad. And as Valentine’s Day approaches, it keeps getting broken up with again and again and again: Investors are ditching its stock en masse, sending it down 24% for the year — a year that’s barely in its second month.
The EV manufacturer’s stock is the worst performer this year in the S&P 500, which as an index is up 4% so far. That’s worse than Boeing, where the “Max” in its 737 Max plane series seems to indicate the number of things that can go wrong, and Etsy, one among the many tech companies laying off staff like mad because business is bad (and not just because they want to keep all their profits to themselves).
The technoking’s new clothes
In Tesla’s annual report, the company explicitly lays out that it is “highly dependent on the services of Elon Musk, Technoking of Tesla and our Chief Executive Officer.” That’s a plus when “he really has made a lot of shareholders a lot of money, and they really would be happy to give him the gold statue and whatever other dumb things he might want in exchange for even a fraction of his entrepreneurial attention,” as Bloomberg’s Matt Levine put it. But it’s a negative when his antics have helped erase more than $200 billion of shareholder value.