Elon Musk Condemns Tesla Short-Sellers As 'Leeches On The Neck Of Business': Book

In his upcoming biography by Walter Isaacson, Elon Musk strongly criticized short-sellers, describing them as “leeches on the neck of business,” Business Insider reported.

Musk recalled a period in 2018 when his company, Tesla Inc. TSLA, held the record as the most-shorted stock. He recounted how they had inside information about Tesla and even used drones for real-time monitoring of the company’s factories.

“They organized themselves into a shorty ground force and a shorty air force. The degree of inside information they had was insane,” he said.

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In the spring of 2018, Musk promised a significant increase in the production of Model 3. This led to a surge in short-selling of Tesla stock. Prominent investors including David Einhorn of Greenlight Capital and Jim Chanos of Kynikos Associates were among those betting against the company.

Musk also highlighted his clashes with Microsoft co-founder Bill Gates and “Big Short”-famed investor Michael Burry, both of whom have bet against Tesla. Gates defended his position as simply a way to make money, while Burry has repeatedly warned of a potential massive drop in Tesla’s valuation.

Despite the criticism and short-sellers, Tesla’s stock has more than doubled this year and increased nearly ten-fold since 2020, taking the company’s market capitalization above $850 billion.

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