this post was submitted on 24 Oct 2024
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Economy
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I cannot think of a reasonable explanation of Tesla stock shooting up that high.
I guess I live in a bubble where everyone thinks the cybertruck is stupid and teslas are pretty mid with horrible service.
I'm seeing some videos pop up about Enron level accounting fraud and that makes as much sense as anything.
It happened before and next week there will be an article saying his net worth dropped X billion. A quick google shows there was a moment in 2023 his net worth dropped from 320 billion to 138. Tesla's stock has always been a bitcoin-esque rollercoaster and I don't see that ending any time soon.
Aside from the possible Enron-level accounting fraud, which wouldn't surprise me in the least.
It could be because Elon/Tesla has now broken all of its promises from when it started:
Elon said repairs wouldn't become a profit center and Supercharging stations wouldn't be a profit center.
https://electrek.co/2024/10/24/teslas-profits-are-now-coming-from-things-elon-musk-said-he-wouldnt-do/
"Tesla’s gross margins for service and selling replacement parts are surging, and Tesla is proudly saying it in its financial results."