Wednesday, December 28, 2022

It's been an eventful week in Musk world (and it's only Wednesday morning)

And it's not like things weren't eventful before. Tesla stock hit an all time high a little over a year ago (>$400). Since then it's been a rough ride. Unless, of course, you just happened to sell at the peak.

Last week was particularly bad and there was reason to expect things to be worse when the markets opened after the long holiday weekend.

 You didn't have to be a business genius to see this was a dangerous time. Anyone this side of moron could see the importance of not saying anything stupid.

Medvedev's prediction of Western collapse and American civil war may have been partially tongue-in-cheek (it's so difficult to tell these days) and Musk's response might possibly have been in the same spirit, but if you're the CEO of a teetering company and you make an easily misinterpreted joke, it is best to:

1. follow up with an unambiguous "just kidding";

2. not wait four hours to do it.

Whatever the reason, yesterday was a really bad day.

This is a historic implosion of wealth. Even corrected for inflation, no one (not even the Match King) has ever lost this much this quickly. There is, however, some good news. In after hours trading, the stock was at 106.69, and there's nothing Elon Musk likes better than a '69' reference.

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