Feckless Tesla Board Cannot Control Its Petulant CEO
New York Times: Elon Musk’s Ultimatum to Tesla: Fight the S.E.C., or I Quit
Being short Tesla, we're thrilled that Musk is
still at the helm and hope no one on the board gets the long-overdue guts to resign.
They all deserve to go down with this doomed ship, and to be remembered and reviled for the damage the company and its stock's collapse will do to so many good people who are clueless about what's going on.
Today Tesla also announced its highly suspect 3rd Quarter production and delivery figures. After an early-morning jump, the stock sold off through the day to close down over 3%.
Whle headlines claimed that Tesla matched or even beat its targets, the truth is that it missed its own projected output (via Twitter by its CEO without the legally required accompanying 8K filing, of course) by a large and significant amount (we calculate 21%).
Conspicuously gone from today's announcement was recently repeated forward guidance that the company will turn a profit in the third quarter.
With Musk now muzzled by the light slap on the wrist for settling the charge of fraud by the S.E.C., we believe that the company's only good chance to allegedly further fudge its figures and decieve investors will be via its quarterly financials and conference call in a few weeks.
In other news today, and keeping this recent report in mind, Amazon (AMZN) announced it will pay all of its employees at least $15 per hour. Of course sub-contracted employees such as those described in the linked article will not fare so lucky as the new minimum pay will not apply to them.
In any case it is blantanly obvious that this is nothing more than an attempt to put political and social pressure on its "brick and mortar" competitors, many of whom cannot afford such extravagance and would go out of business if they tried.
Think before you spend.
The global debt bubble is popping and it'll be a long way down.
Being short Tesla, we're thrilled that Musk is
still at the helm and hope no one on the board gets the long-overdue guts to resign.
They all deserve to go down with this doomed ship, and to be remembered and reviled for the damage the company and its stock's collapse will do to so many good people who are clueless about what's going on.
Today Tesla also announced its highly suspect 3rd Quarter production and delivery figures. After an early-morning jump, the stock sold off through the day to close down over 3%.
Whle headlines claimed that Tesla matched or even beat its targets, the truth is that it missed its own projected output (via Twitter by its CEO without the legally required accompanying 8K filing, of course) by a large and significant amount (we calculate 21%).
Conspicuously gone from today's announcement was recently repeated forward guidance that the company will turn a profit in the third quarter.
With Musk now muzzled by the light slap on the wrist for settling the charge of fraud by the S.E.C., we believe that the company's only good chance to allegedly further fudge its figures and decieve investors will be via its quarterly financials and conference call in a few weeks.
In other news today, and keeping this recent report in mind, Amazon (AMZN) announced it will pay all of its employees at least $15 per hour. Of course sub-contracted employees such as those described in the linked article will not fare so lucky as the new minimum pay will not apply to them.
In any case it is blantanly obvious that this is nothing more than an attempt to put political and social pressure on its "brick and mortar" competitors, many of whom cannot afford such extravagance and would go out of business if they tried.
Think before you spend.
The global debt bubble is popping and it'll be a long way down.
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posted by C. Guinness @ 8:20 PM
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