The problem with ”The Market can stay irrational longer than you can stay solvent”:
Musk dropping $1.5B into Bitcoin and then hyping it is a massive value-destroying move for Tesla. Not just because the company is saying “we can’t do anything more productive with that money”
But Bitcoin is an environmental disaster, so Tesla is now subsidizing a massive ecological nightmare. AND it is grossly volatile and manipulated, so if this is “hold on to it capital” this just dropped a ton down the drain. AND it is totally an ignorant ”investment”
This says Tesla is grossly mismanaged, and is going to get totally killed in the next few years as the companies who can build cars properly go and eat Tesla’s lunch. Tesla build quality is shite. Their exterior is yawn. Their interior is yawn to shite. “Autopilot” is a fraud
In any rational world, GM would be worth way more than Tesla based on current and expected earnings. But the market is grossly irrational. And I’m probably going to be rolling around in an electric F-150, not that “cybertruck” even if that vapor ware ever sees the light.
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