It’s unimaginable what about $800bn of wealth destruction can do to a cult of persona, even one as highly effective because the one surrounding the World’s Most Terminally Divorced Man.
Final Friday our colleagues on the FT ran an excellent “big read” on the souring view on Tesla, which sums up the corporate’s operational challenges and the ocean change in opinions even amongst followers. It looks like many are belatedly discovering the worth of robust, unbiased boards and centered, non-shitposting CEOs. Sure, we all know.
The newest large Tesla überbull and self-described Musk “fanboy” to vent their emotions on-line is Leo KoGuan, an IT billionaire that estimates that he’s Tesla’s third-biggest particular person shareholder, with 23.4mn shares.
Again within the halcyon days of late 2021 KoGuan was saying that “I live or die with Tesla”. As just lately as December he was declaring a “peace” with Musk after suggesting he ought to step down, and insisting that “Tesla is so cheap, I buy buy buy Tesla Tesla Tesla”.
However the peace doesn’t appear to have lasted into the brand new yr.
Over the previous week or so KoGuan has been arguing that the corporate is in a “desperate” scenario, requested the SEC to investigate the supine board, referred to as Tesla bulls “blind cult worshippers”, and stated that Musk “is running away with another seductive beauty that seduces the world with her power” (we expect he means Twitter relatively than whoever Musk has chosen as his subsequent child receptacle).
I’m 100% in Tesla bc I imagine in Elon Musk and Tesla. However he’s killing SH and Tesla. If I knew I wouldn’t put money into Tesla
Elon invested ≈$200mm however took out $40B, Larry invested $1B, I invested over $3B, I’ve no selection however to behave and converse out.
I cry out to U for assist! https://t.co/ariNswYCQE
— KoGuan Leo (@KoguanLeo) January 8, 2023
Ross Gerber of Gerber Kawasaki is one other distinguished Tesla überbull whose religion has been examined currently. Regardless of insisting that “Elon and Tesla are going to make a comeback with a vengeance” he’s now planning to run for a spot on Tesla’s board which he blames for the vacuum on the high of the corporate.
Tesla inventory worth now displays the worth of getting no CEO. Nice job tesla BOD – Time for a shake up. $tsla
— Ross Gerber (@GerberKawasaki) December 20, 2022
The Future Fund’s Gary Black has additionally turn into notably extra crucial of Tesla and Musk himself, and appears . . . unconvinced by the argument that Tesla’s share worth efficiency is simply due to interest rate increases.
Doesn’t assist when @elonmusk blames the Fed for declining $TSLA inventory since different tech shares holding up simply tremendous (TSLA -54% vs NDX flat since Oct 1; YTD via 9/30 TSLA outperformed NDX by +8pp). Since 10/1, 10yrTYs dropped as inflation has eased. TSLA down because of China and TWTR. pic.twitter.com/MsyMaGXt3k
— Gary Black (@garyblack00) December 26, 2022
Tesla Economist, a widely known YouTuber on the corporate, has additionally had a change of coronary heart currently.
If I’m sounding actually unfavourable proper now I’m sorry. I could also be off. Simply struggling to take care of my dad dropping over $10m for his retirement. When it’s my fault.
Love the help in DMs.
— Tesla Economist (@teslaeconomist) December 30, 2022
However Musk can console himself that there are nonetheless some true believers that stay undeterred by 70 per cent plus drawdowns!
Tesla’s objective has been to drive costs down and enhance #EV adoption. At Investor Day (3/1), Elon may announce a step-function drop in pricing, very similar to he did for the Mannequin 3, to ~$25,000 for the following gen EV. Fuel-powered automobiles boomed at that worth level. https://t.co/eBgDEFrZF5
— Cathie Wooden (@CathieDWood) January 7, 2023