‘Watch out Tesla believers’: Critics are piling on to warn the 300% stock rally will crash and burn

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  • Tesla shares have soared 300% in six months, hitting an all-time high of over $900 on Tuesday.
  • Investors, analysts, and politicians are warning investors the rally won’t last.
  • “I have no doubt it will end in tears for many people,” one investor said.
  • Visit Business Insider’s homepage for more stories.

Tesla shares have surged about 300% in the past six months, hitting an all-time high of over $900 on Tuesday. Traders, analysts, and politicians are lining up to warn investors that the run up won’t last.

“This is obviously a computer-generated rally, it’s not a reflection on the company, or on valuation. It’s just a trade,” Andrew Left, the activist short seller behind Citron Research, told MarketWatch this week.

“Yes, I’m shorting it … whoever bought it at these prices has to flush it out, and when it flushes, it’s going to flush hard,” he added.

Left’s comments came after Citron blasted the stock rally as unsustainable.

“We believe even Elon would short the stock here if he was a fund manager,” the equity-research publisher tweeted on Tuesday. “This is no longer about the technology, it has become the new Wall St casino.”

Others have warned Tesla’s rally will hurt those left holding the stock when the music stops.

“This is an incredibly dangerous place to be buying the stock and I have no doubt it will end in tears for many people,” trader and analyst Jani Ziedins wrote in a recent post on his Cracked Market blog.

“Owning a stock that’s tripled over the last few months is great, but don’t mistake serendipity for skill,” he continued. “While the fools are spending all of their time daydreaming about what they will buy when the stock breaks $1,200, smart money is selling their stock to those greedy dreamers.”

Matt Maley, chief market strategist at Miller Tabak, echoed those sentiments in a CNBC interview this week.

“This is taking Tesla well above a level that would be supported by its current fundamentals,” he said. “The stock is going to get absolutely clobbered at some point before long.”

Even former presidential candidate Ralph Nader sounded the alarm, warning Tesla could take down the entire stock market.

“When the stock market bubble implodes, it will have been started by the surge in Tesla shares beyond speculative zeal,” he tweeted.

“Watch out Tesla believers,” he added in a follow-up tweet.

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Elon Musk claims his investigator tricked him about diver he called a ‘pedo’

In court documents, Tesla CEO says he regrets attacking man who helped save young soccer players trapped in underwater cave

Elon Musk

Elon Musk has claimed he was fooled by the investigator he hired to get dirt on a British diver, according to new court documents.

Im a fucking idiot, Musk said, according to documents surfaced in court on Tuesday, in the latest development in a bizarre defamation case brought against the Tesla CEO over comments made in 2018.

Musk has been feuding with Vernon Unsworth, a diver who helped rescue a team of young soccer players stuck in an underwater cave in Thailand, ever since Unsworth criticized Musks plan to save the youth with a submarine.

Musk called Unsworth a pedo guy on Twitter and referred to him as a child rapist in emails to a BuzzFeed reporter.

Unsworth sued for defamation in September 2018.

Musk has argued in earlier court filings that he made the pedo guy insult in jest. Lawyers for Unsworth dismissed that claim at the time, pointing out that Musk had accused Unsworth in subsequent tweets and emails to BuzzFeed of sexual behavior with children and had referred to disturbing information allegedly uncovered in a private investigation funded by Musk.

Unsworths legal team said in a court filing on 7 October that Musk failed to vet the man behind the investigation.

Musk admitted in an email cited in the court filing that the investigator, James Howard-Higgins, whom he hired to look into Vernons background merely was, in retrospect, just taking us for a ride.

In communications cited in the filing, Musk claimed he regretted emailing a BuzzFeed reporter, Ryan Mac, saying it was one of the dumbest things Ive ever done.

Unsworths team called Musk a thin-skinned billionaire who is obsessed with his public image and has a history of vindictively and intentionally ignoring the truth to maintain that PR-created image. In the filing, Unsworths lawyers also noted that Musk paid at least $52,000 to the investigator without vetting him.

The team alleges Musk paid to orchestrate a malicious, false, and anonymous leak campaign in the UK and Australian press regarding Unsworth.

Vernon Unsworth will now spend the rest of his life with the asterisk of pedophilia attached to his name as the direct result of a public relations campaign of false, heinous accusations by Elon Musk, the filing from Unsworths team said.

Musks legal team said Unsworth brought the case in pursuit of self-promotion.

This case is nothing but a money-grab in which Unsworth has hired an agent and pursued profit, publicity and self-promotion at every turn, Alex Spiro, Musks lawyer, told the Guardian by email.

The case is set to go to trial on 2 December 2019.

Read more: http://www.theguardian.com/us

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Nissan and EVgo to add 200 fast chargers as more electric vehicles hit US roads

Nissan and EVgo said Tuesday they will install another 200 DC fast chargers in the United States to support the growing number of consumers who are buying electric vehicles, including the new Nissan Leaf e+ that came to market earlier this year.

The 100 kilowatt DC fast-charging stations will have both CHAdeMO and CCS connectors, making them accessible to more EV drivers. The inclusion of both charger connectors is logical; it’s also notable for Nissan, once the primary advocates for CHAdeMO chargers.

The announcement builds off of the companies’ six-year partnership, which included building out a corridor of EV chargers along Interstate 95 on the East Coast, as well as between Monterey, Calif., and Lake Tahoe.

Nissan says it has installed more than 2,000 quick-charge connectors across the country since 2010.

Plans to add another 200 fast chargers follows the launch of the 2019 Nissan Leaf e+. The Nissan Leaf e+, which came to the U.S. and Canada this spring, has a range of 226 miles and fast-charging capability.

This new version of the Leaf all-electric hatchback has 40% more range than other versions thanks to a 62 kilowatt-hour battery pack. That 226-mile range puts the Leaf e+ just under the Chevy Bolt EV, which has a 238-mile range, the Kia Niro EV with 239 miles and the Tesla Model 3 standard range plus with 240 miles.

“Given the tremendous driver response to the 2019 long-range all-electric LEAF, Nissan and EVgo will accelerate fast charging by committing to a multi-year charger construction program that will continue to expand fast-charging options for EV drivers across the country,” Aditya Jairaj, director, EV Sales and Marketing, Nissan North America said in a statement.

The companies also plan to partner on a marketing campaign to sell consumers on the benefits of EVs, and for Nissan, hopefully persuade more to buy its Nissan Leaf Plus. Nissan’s July sales figures were down compared to the same month last year, a slump that has affected the Leaf, as well.

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