Way OT - SEC sues Elon Musk
Sorry for the OT post on the day before a game, but this quote from the WSJ was too funny not to share:
"The SEC said in its complaint that “Musk stated that he rounded up the price to $420 because he had recently learned about the number’s significance in marijuana culture and thought his girlfriend ‘would find it funny, which admittedly is not a great reason to pick a price,’” the SEC’s complaint says. The number “420” is sometimes associated with marijuana."
September 28th, 2018 at 3:37 PM ^
Sir, do you know how to read a balance sheet. This honestly depresses me, that someone who went to Michigan could be so ignorant.
September 28th, 2018 at 4:40 PM ^
You, Tesla Shorty, are the ignorant one to assume that all michigan grads take, let alone are required to take business classes. My major was in the sciences, and there was no business requirement. Nevertheless, I followed up my science degree with an MBA, so yes, I know how to read a balance sheet. You make money cheering for companies to fail...so be it, it's a living, albeit a parasitic one. I, on the other hand, cheer for companies to break free from the status quo, especially when that status quo is killing the planet my grand kids will be living in far after I'm gone. I subscribe to this take on Tesla: https://seekingalpha.com/article/4208655-tesla-profitability-horizon-now-time-go-long
September 28th, 2018 at 7:55 PM ^
How you earned at MBA and think this is a wise investment...you know the quick ratio of this company is worse than General Motors before they went bankrupt, right?
September 28th, 2018 at 6:46 PM ^
Yes, Tesla is claiming they will be profitable in Q3 - and forgive me for being just a little skeptical that things will ever turn out the way Tesla says they will. They have a slight history of being, uh, galactically overoptimistic.
Tesla is at best a minimal threat to the legacy manufacturers, and getting smaller by the day. People like their Teslas because they're pretty nice pieces of engineering, but the larger Tesla gets, the less people will put up with crap like bumpers that fall off in the rain 30 minutes after leaving the showroom. They don't know how to build cars or ship cars at any kind of scale, which is a real problem because all their competitors do. They have over a billion dollars combined of convertible bonds coming due in November and February, which they could have paid with stock if Elon would just shut the fuck up on Twitter and not crashed the stock price. A billion dollars of cash debt is a problem when that's like one-third of your cash on hand. They do dumb things like tear up the rail yard at Fremont and then blame their logistics problems on a nonexistent shortage of car carriers - so the solution, as if this was even remotely a good idea, is to build and operate their own. This is called lighting cash on fire and Henry Ford figured out not to run with that much vertical integration 90 years ago.
Musk should've stuck to rockets. That's an industry without a whole lot of competition and one that essentially requires burning cash in order to succeed. The car business is exponentially more difficult than Elon assumed, and the competition has it exponentially more figured out than Elon assumed.
September 29th, 2018 at 6:34 AM ^
You lost me at ICE vehicles being phased out. So Cal logic is not normal these days.
September 28th, 2018 at 1:42 PM ^
because why not post this in a random OT Musk thread.
September 28th, 2018 at 5:16 PM ^
MAWA: Make America Weird Again.
September 28th, 2018 at 10:20 PM ^
It's...GLORIOUS...
September 28th, 2018 at 2:43 PM ^
They may be cheaters when it comes to oversigning and paying players, but dammit if they don't take their accounting rules seriously.
Yes, just piling on the SEC jokes
September 28th, 2018 at 3:36 PM ^
$TSLAQ groupie here, I've been on Twitter saying Tesla is going Chapter 7 (liquidation) for over a year now. Musk is a f'ing idiot, has no idea to manufacture at scale...profitably.
Buy Oct 2019 $50 puts and retire 20 years early. You're welcome.
Before anyway who thinks they're smart and chimes in - "But someone will buy Tesla because the brand equity might be worth something"
There is ZERO chance that anyone buys Tesla - they are bleeding cash, huge liabilities, and tons of negative free cash flow.
Tesla credit default swaps put a $TSLAQ probability at 50%.
Again, buy October 2019 $50 puts and retire early.
September 28th, 2018 at 7:07 PM ^
Shorty, I sincerely hope you put every dime you've ever earned into those $50 puts, and then let's check back on your progress in one year.
September 28th, 2018 at 4:33 PM ^
Elon will soon be getting into acting and will be featured in the remake of UP IN SMOKE
September 28th, 2018 at 5:42 PM ^
Elon Musk... I mean... This guy... What has he ever done? He should be ashamed of himself!
Stugotz'd
September 28th, 2018 at 5:52 PM ^
Odd. Don’t like Musk? Then don’t do business with him. Capitalism, baby: the freedom to choose your company.
September 29th, 2018 at 3:34 AM ^
In Elon's case, Crony Capitalism. He and Tesla would be 6 feet deep by now if it wasn't for Gov funding, funding he and his company had no business getting.
The Government should never pick the winners and loser but it does. SHUT IT DOWN!
September 28th, 2018 at 6:30 PM ^
I thought this would be about him launching a series of satellite.................
camps in Alabammy, Floride-duh & Joja, prompting Pete FineBum to lead a class action suit made up of SEC coaches and bagmen against the Musketeer. I was wrong.
Edit: Well fuck, I guess I had an unrefreshed old tab open. There were only 3 posts and no football jokes yet! Both my punch lines already used!
September 28th, 2018 at 6:55 PM ^
Back in 2009, I was dabbling in acting and going to auditions here in LA. One nice spring day, I rolled up to the top of a parking garage in Santa Monica. I was driving a vintage Porsche 911 Cab at that time and as I was getting out of the car...I noticed a black Tesla Roadster with a CA Plate "Tesla 1" pulling in to the spot next to me, driven by a very attractive 20-something blonde.
Not being one to pass up an opportunity, I waited until she got out of the car and walked past me, to take a shot at chatting her up about the car. :)
Turns out, she was Elon's fiance at that time, whom he later married... a British bird actress named Talulah Riley. We the the elevator down from the parking garage, and ended up talking and walking for quite some time through the streets of downtown Santa Monica as each of us was on to our appointments.
She was totally cool and approachable and very fun to talk to. She told me all her life with Elon, how they were living together in Bel Aire, and the black Tesla roadster that she was driving was the first of its kind ever made. We talked all about the Tesla, and she rightfully corrected me when I commented that it was based on a Lotus frame. She liked my Porsche and said that they owned several at home as well. She kept referring to Elon as being "a scientist" and clearly she was smitten with him at that time anyway. Now she is 2x divorced from him and walked away with millions.
So yeah, money and fame have a way of allowing one to to "punch above your weight".