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Tesla Takes A Dig At Its Shortsellers, Offers Red Satin Shorts For Sale


07/06/2020


Tesla Takes A Dig At Its Shortsellers, Offers Red Satin Shorts For Sale
United States electric car maker Tesla Inc did not spare the chance to poke fun at the company’s naysayers and criticizers - with sales of red satin shorts, after the company overtook Toyota Motor Corp to become the most valuable automaker of the world and stunned the market with car deliveries in the latest quarter that beat estimates.
 
“Limited edition short shorts now available,” Tesla CEO Elon Musk tweeted on Sunday.
 
Musk has often criticized and scorned at short-sellers of Tesla stocks and had sent a box of shorts to hedge fund owner and Tesla short-seller David Einhorn in 2018.
 
The “Short Shorts” on the Tesla shop website feature gold trim and “S3XY” in gold across the back, which also happens to be formed from Tesla model names.
 
With a price tag of $69.420 each, the last three digits have been intentionally put in the manner that they have been in an apparent reference to the infamous tweet by Musk in 2018 in which he had said that the was planning to take Tesla private at a price of $420 per share. 420 is also a code word for marijuana.
 
That tweet was not received well by the United States regulator. A case was filed against him resulting in Musk losing his position as Tesla chairman.
 
However there is reason for the Silicon Valley car maker to boast of its most recent achievement. So far this year, the value of the stocks of the company has almost tripled to just over $1,200 per share. Also the company has delivered more than 90,000 of its electric vehicles during the second quarter much against the ongoing trend of the wider auto market of dropping sales because of the economic hit of the novel coronavirus pandemic and the associated restrictions and lockdowns. 
 
“Run like the wind or entertain like Liberace,” the product description for the shorts says, adding: “Enjoy exceptional comfort from the closing bell.”  The company will ship the products to customers within 2-4 weeks.
 
Tesla will be announcing its earnings results for the April-June quarter later this month. Analysts say that the better than expected results and deliveries of Tesla cars during the second quarter has raised expectations form the company with many expecting the company to report four consecutive quarters of profit for the first time in its history.
 
(Source:www.businessworld.com)