Tesla has been over inflated for years now. At one point (for quite a long time) it was worth more than every other major auto maker combined despite having pitiful profits relative to Toyota or many of the other players.

[–] vesi@lemm.ee 2 points 2 hours ago

We aren’t stopping here😈

[–] DmMacniel@feddit.org 36 points 7 hours ago* (last edited 7 hours ago) (2 children)

Next up: Elon sueing car drivers for not buying his swasticar just like he tried on twitter with advertisers.

[–] stardust@lemmy.ca 4 points 4 hours ago

Suing people for not buying tesla stock and suing those who sell it.

[–] Mothproof2212@feddit.org 22 points 7 hours ago

He will just buy them himself, look at the sales numbers in Canada... 8,600 cars in 3 days! In Canada...

[–] frightful_hobgoblin@lemmy.ml 16 points 7 hours ago

More dramatic to say $320 billion in market cap has been destroyed.

[–] cabbage@piefed.social 4 points 7 hours ago* (last edited 5 hours ago)

It seems it'll sink on to 252 the moment the markets open, if I understand Yahoo finance correctly.

I don't really understand what the pre-market value is, but it seems to mean the value keeps on fluctuating even after the markets close and no stocks formally trade hands. And it looks like Tesla is going to have yet another rough day.

I don't feel bad for any of the idiots losing their money on this. They all had plenty of time to get out - if they sold after the CEO made a nazi salute they would pretty much get out on top. Whoever is a shareholder deserves anything coming for them. (Sadly that includes myself, indirectly through the Norwegian sovereign wealth fund. Bummer. Oh well, I had it coming.)

Edit: Half an hour after the markets open the stock has dropped to ~241. Lol.

[–] B0rax@feddit.org 2 points 6 hours ago (1 children)

Shorting Tesla stock sounds almost like a foolproof way to make money these days…

[–] Pringles@lemm.ee 3 points 4 hours ago

Sure, but entire fortunes were lost shorting Tesla in the past as well. It has been wildly overvalued for ages and it still is ridiculously overvalued, but I personally wouldn't bet on it.

[–] vesi@lemm.ee 2 points 6 hours ago

Thanks for reposting my post!😄

[–] Blaze@lemmy.dbzer0.com 2 points 7 hours ago

Oh wow