Tesla shares are still vulnerable to a big decline ahead, according to investor Danny Moses of “The Big Short” fame . Even with the electric-vehicle maker’s stock down 32% so far this year, Moses is sticking with his Tesla short. “Everything is kind of falling apart in their core business,” the Moses Ventures founder told CNBC’s ” Fast Money ” on Thursday. “He’s pointing everybody to robotaxis and AI and autonomy,” he added, referring to CEO Elon Musk. Moses lists Musk’s decision to cut more than 10% of the company’s global workforce, a recent Reuters report about a Tesla securities and wire fraud investigation , and uncertainty surrounding the robotaxi as downside risks. The robotaxi’s unveiling is set for August 8. “This move to own it for robotaxis and AI is going to fade over time. So, $150 billion market cap at $50? Seems like a reasonable valuation to me,” he said. Tesla closed lower by 2% on Friday, ending at $168.47. Moses, who is known for successfully betting against the housing market before its 2008 implosion, had the $50 short on Tesla last November, too. He called Tesla his number one short. “It’s really become a ‘show me’ story in terms of if it’s an auto company, and I think people are going to start to lose patience over time here for what the company is going to be,” he said on ” …
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[mwai_chat context=”Let’s have a discussion about this article:nnTesla shares are still vulnerable to a big decline ahead, according to investor Danny Moses of “The Big Short” fame . Even with the electric-vehicle maker’s stock down 32% so far this year, Moses is sticking with his Tesla short. “Everything is kind of falling apart in their core business,” the Moses Ventures founder told CNBC’s ” Fast Money ” on Thursday. “He’s pointing everybody to robotaxis and AI and autonomy,” he added, referring to CEO Elon Musk. Moses lists Musk’s decision to cut more than 10% of the company’s global workforce, a recent Reuters report about a Tesla securities and wire fraud investigation , and uncertainty surrounding the robotaxi as downside risks. The robotaxi’s unveiling is set for August 8. “This move to own it for robotaxis and AI is going to fade over time. So, $150 billion market cap at $50? Seems like a reasonable valuation to me,” he said. Tesla closed lower by 2% on Friday, ending at $168.47. Moses, who is known for successfully betting against the housing market before its 2008 implosion, had the $50 short on Tesla last November, too. He called Tesla his number one short. “It’s really become a ‘show me’ story in terms of if it’s an auto company, and I think people are going to start to lose patience over time here for what the company is going to be,” he said on ” …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
