Hedge fund billionaire David Einhorn — who has been shorting Tesla stock for several years — trashed Elon Musk again.
This time, the Greenlight Capital founder remarked that Musk spouts “a lot of horsesh*t” about his electric-car company.
Einhorn made the comments at the Sohn Investment Conference in New York on May 6, where he dismissed Musk’s promises about Tesla technology as over-hyped baloney.
Einhorn regales audience with frat-boy scatalogical humor 🙄
“That’s a lot of horse—t,” Einhorn said during a slide presentation that showed a poop emoji over Musk’s face. The audience erupted into laughter at the frat-boy humor (video below).
The slides included recent Musk quotes, such as these:
- “A Tesla will be worth $150,000 to $250,000 in 3 years.” (Elon Musk, May 2019)
- “It’s financially insane to buy anything other than a Tesla. They will be like owning a horse in three years.” – (Elon Musk, April 2019)
Einhorn: Don’t interrupt your enemy when he’s screwing up
Einhorn then suggested that he’s gleefully observing Tesla self-destruct from the sidelines.
He crowed: “Napoleon once said, ‘Never interrupt your enemy when he’s making a mistake,’ so I won’t.”
It’s fitting that Einhorn quoted Napoleon, since many in the financial community think David suffers from a Napoleon Complex. 🤣😂😁
Einhorn is part of group of short-selling scum trying to sink Tesla
Like other vultures that are short-selling Tesla stock, David Einhorn has a financial incentive to trash Musk and talk TSLA down, in the hopes that it will perform badly. That’s how Greenlight Capital makes money.
In April 2019, Einhorn torched Musk in a blistering investor letter, where he gloated that “the wheels are coming off — literally” at Tesla.
Billionaire’s Savage Tesla Takedown Ends with Surprise Muppets Quote https://t.co/jIDxgt0D2r
— CCN Markets (@CCNMarkets) April 14, 2019
Einhorn suggested that anyone betting on Tesla should bail out now before it totally implodes:
“The signs are everywhere — from the lack of demand, desperate price cutting, layoffs, closing-and-then-not-closing stores, closing service centers, cutting capex, rushed product announcements, and a new effort to distract investors from the demand problem with hyperbole over (Tesla’s) autonomous driving capabilities.”
Einhorn lost millions betting against Tesla in 2018
However, Einhorn has a terrible track record betting against Elon Musk and Tesla.
Last year, Greenlight Capital lost 34% — making 2018 the worst year the fund has had since Einhorn launched it in 1996.
Einhorn’s catastrophic bet against Tesla was a major reason why the firm lost millions. In the first six months of 2018, Greenlight Capital lost 18.3%.
In contrast, Tesla shares rocketed 29% during that same period, making Einhorn’s Tesla short the hedge fund’s second-biggest loser for that time frame.
So far this year, Tesla stock has taken a beating.
However, over a five-year time horizon, TSLA is actually doing okay. And there’s plenty of time for it to recover before the end of 2019.
That’s something David Einhorn should keep in mind as he continues to shoot his mouth off and bet against Musk.
Case in point: Tesla had an erratic 2018, but it was the best-performing auto stock for that year. And that was terrible news for short-sellers like Einhorn who bet against it.
Elon Musk claps back after Warren Buffett disses Tesla insurance product at annual Berkshire Hathaway shareholders meeting. $TSLA
— Samantha Chang (@samantha_chang) May 5, 2019