Citron Research editor and notorious short seller Andrew Left’s run as a Tesla, Inc. TSLA bull was short-lived. After shorting Tesla for more than two years, Left surprised his followers by going long Tesla back last October. On Thursday, Left said he is no longer taking any position in Tesla.
What To Know
Left said he has been disappointed with the level of communication from Tesla management and believes CEO Elon Musk has bitten off more than he can chew.
“I do not believe the company is insolvent, although I do believe they need to raise money,” Left told Reuters.
Quoth The Raven Research said Tesla’s Autonomous Day event this week was what changed Left’s mind.
“Elon is the worst communicator,” Left said, according to QTR.
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Why It's Important
Tesla seems to have vexed Left for years. In the two years leading up to his bullish call back in October when he was short the stock, Tesla shares were up 74 percent. Since Left said he was long the stock, shares are down 20 percent.
Left also may be on the hook for a bet he made last month with Tesla bear Whitney Tilson. Left and a group of other Tesla bulls bet Tilson $10,000 that Tesla will not be profitable in any quarter this year. Proceeds from the friendly wager will go to the winner’s charity of choice.
Following a highly criticized Autonomous Day presentation and a disastrous first-quarter earnings report, Tesla stock is down 15 percent this week.
At time of publication Friday afternoon, Tesla traded around $232 per share.
Related Links:
What To Make Of Tesla's Brutal Quarter
Tilson Vs. Left: Short Sellers Place $10,000 Bet On Tesla's Profitability
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