Elon Musk has turned Tesla into a meme stock as he tells Wall Street to value the EV maker like an AI company, top economist says

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Elon Musk has turned Tesla into a meme stock as he tells Wall Street to value the EV maker like an AI company, top economist says

Fortune05-05

Elon Musk is no longer over-delivering like he used to, but he is still over-promising, according to a top economist, who pointed to the Tesla CEO's recent insistence that his EV company should be ...

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Guavaxf30
·05-05
".....amid slower EV demand, weaker sales, broader workforce cuts, a steep stock decline, and an exodus of senior leadership." Also, identifying Tesla as becoming a meme stock. These alone scare the shit out of me. What the author is saying it becomes a typical Reddit driven stock. Which is basically value fueled by the mindless herd. Just remember the wild rides of 2019/20 before putting your money in. If you are already in, just know when to cash out. Do not be the last guy holding the baton....
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Bradford DeLong gave Musk credit for creating a historically important tech company that's the \"tip of the spear in the transition away from internal-combustion-engine vehicles.\"\nMusk's rocket company SpaceX also shows great promise, and he has proven to be an effective coach for engineers working on battery technologies, electric vehicles, and rocket science, DeLong added. \"Without him, those technologies would not have been pushed forward as much as they have.\"\nIn fact, while Musk has frequently over-promised, he over-delivered on those fronts, helping Tesla's market cap and Musk's personal wealth soar since the 2010s, DeLong said. \nBut more recently, he has shifted his focus from EVs, charger networks, and batteries to social media, artificial intelligence, and robotaxis. \nEven as Musk vowed last month to accelerate plans to launch a new, lower-cost EV model that Wall Streets views as critical to its future, he also reaffirmed his robotaxi ambitions to develop a fleet of autonomous cars. \nMeanwhile, Tesla's surprise firing of its entire Supercharger team raised worries about the key network as well as the industry's future. This also comes amid slower EV demand, weaker sales, broader workforce cuts, a steep stock decline, and an exodus of senior leadership.\n\"Yet while the over-promising has continued, the over-delivering has not,\" DeLong wrote. \"The fundraiser, cheerleader, and coach for teams developing real technologies has become a meme-stock carnival barker.\"\nHe pointed to last month's Tesla earnings conference call, where Musk exhorted Wall Street analysts to value his company more like a robotics or AI company instead of an auto company. In particular, Tesla should be viewed \"almost entirely in terms of solving autonomy\" and being able to apply that to a gigantic fleet of cars, the CEO added.\nBut DeLong noted that more than 80% of Tesla's first-quarter sales were from automotive revenues, adding that car manufacturing has nowhere near the marginal costs of an IT company, which can write code once and run it everywhere.\n\"For all the current Tesla shareholders planning to offload their holdings in the next couple of years, everything hinges on the company succeeding as a meme stock, and Musk is diligently working toward that goal,\" DeLong warned. \"Since there are virtually no long-term Tesla shareholders, the market does not particularly care that the company lacks a CEO who is trying to build it into an enduring profit-making organization.\"\nThis story was originally featured on Fortune.com","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[{"id":302510070956128,"gmtCreate":1714874418039,"gmtModify":1715064383513,"author":{"id":"3576140222331577","authorId":"3576140222331577","name":"Guavaxf30","avatar":"https://static.tigerbbs.com/1ff15ff6aa254c9130f9af922f7e2447","vip":1,"crmLevel":9,"crmLevelSwitch":1},"htmlText":"&nbsp;\".....amid slower EV demand, weaker sales, broader workforce cuts, a steep stock decline, and an exodus of senior leadership.\" Also, identifying Tesla as becoming a meme stock. These alone scare the shit out of me.&nbsp; What the author is saying it becomes a typical Reddit driven stock. Which is basically value fueled by the&nbsp;mindless herd. Just remember the wild rides of 2019/20 before putting your money in. If you are already in, just know when to cash out. Do not be the last guy holding the baton....","listText":"&nbsp;\".....amid slower EV demand, weaker sales, broader workforce cuts, a steep stock decline, and an exodus of senior leadership.\" Also, identifying Tesla as becoming a meme stock. These alone scare the shit out of me.&nbsp; What the author is saying it becomes a typical Reddit driven stock. Which is basically value fueled by the&nbsp;mindless herd. Just remember the wild rides of 2019/20 before putting your money in. If you are already in, just know when to cash out. Do not be the last guy holding the baton....","text":"\".....amid slower EV demand, weaker sales, broader workforce cuts, a steep stock decline, and an exodus of senior leadership.\" Also, identifying Tesla as becoming a meme stock. These alone scare the shit out of me. What the author is saying it becomes a typical Reddit driven stock. Which is basically value fueled by the mindless herd. Just remember the wild rides of 2019/20 before putting your money in. If you are already in, just know when to cash out. Do not be the last guy holding the baton....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/302510070956128","repostId":2433790801,"repostType":2,"repost":{"id":"2433790801","pubTimestamp":1714860639,"share":"https://www.laohu8.com/m/news/2433790801?lang=&edition=full","pubTime":"2024-05-05 06:10","market":"us","language":"en","title":"Elon Musk has turned Tesla into a meme stock as he tells Wall Street to value the EV maker like an AI company, top economist says","url":"https://stock-news.laohu8.com/highlight/detail?id=2433790801","media":"Fortune","summary":"Elon Musk is no longer over-delivering like he used to, but he is still over-promising, according to a top economist, who pointed to the Tesla CEO's recent insistence that his EV company should be valued like an AI company.In a Project Syndicate op-ed published on Wednesday, UC Berkeley economics professor and former Treasury official J. Bradford DeLong gave Musk credit for creating a historically important tech company that's the \"tip of the spear in the transition away from internal-combustion-engine vehicles.\". In fact, while Musk has frequently over-promised, he over-delivered on those fronts, helping Tesla's market cap and Musk's personal wealth soar since the 2010s, DeLong said.\"For all the current Tesla shareholders planning to offload their holdings in the next couple of years, everything hinges on the company succeeding as a meme stock, and Musk is diligently working toward that goal,\" DeLong warned. \"Since there are virtually no long-term Tesla shareholders, the market does n","content":"<html><body><p>Elon Musk is no longer over-delivering like he used to, but he is still over-promising, according to a top economist, who pointed to the Tesla CEO's recent insistence that his EV company should be valued like an AI company.</p>\n<p>In a Project Syndicate op-ed published on Wednesday, UC Berkeley economics professor and former Treasury official J. Bradford DeLong gave Musk credit for creating a historically important tech company that's the \"tip of the spear in the transition away from internal-combustion-engine vehicles.\"</p>\n<p>Musk's rocket company SpaceX also shows great promise, and he has proven to be an effective coach for engineers working on battery technologies, electric vehicles, and rocket science, DeLong added. \"Without him, those technologies would not have been pushed forward as much as they have.\"</p>\n<p>In fact, while Musk has frequently over-promised, he over-delivered on those fronts, helping Tesla's market cap and Musk's personal wealth soar since the 2010s, DeLong said. </p>\n<p>But more recently, he has shifted his focus from EVs, charger networks, and batteries to social media, artificial intelligence, and robotaxis. </p>\n<p>Even as Musk vowed last month to accelerate plans to launch a new, lower-cost EV model that Wall Streets views as critical to its future, he also reaffirmed his robotaxi ambitions to develop a fleet of autonomous cars. </p>\n<p>Meanwhile, Tesla's surprise firing of its entire Supercharger team raised worries about the key network as well as the industry's future. This also comes amid slower EV demand, weaker sales, broader workforce cuts, a steep stock decline, and an exodus of senior leadership.</p>\n<p>\"Yet while the over-promising has continued, the over-delivering has not,\" DeLong wrote. \"The fundraiser, cheerleader, and coach for teams developing real technologies has become a meme-stock carnival barker.\"</p>\n<p>He pointed to last month's Tesla earnings conference call, where Musk exhorted Wall Street analysts to value his company more like a robotics or AI company instead of an auto company. In particular, Tesla should be viewed \"almost entirely in terms of solving autonomy\" and being able to apply that to a gigantic fleet of cars, the CEO added.</p>\n<p>But DeLong noted that more than 80% of Tesla's first-quarter sales were from automotive revenues, adding that car manufacturing has nowhere near the marginal costs of an IT company, which can write code once and run it everywhere.</p>\n<p>\"For all the current Tesla shareholders planning to offload their holdings in the next couple of years, everything hinges on the company succeeding as a meme stock, and Musk is diligently working toward that goal,\" DeLong warned. \"Since there are virtually no long-term Tesla shareholders, the market does not particularly care that the company lacks a CEO who is trying to build it into an enduring profit-making organization.\"</p>\n<p>This story was originally featured on Fortune.com</p></body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk has turned Tesla into a meme stock as he tells Wall Street to value the EV maker like an AI company, top economist says\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-05 06:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/elon-musk-turned-tesla-meme-221039520.html><strong>Fortune</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Elon Musk is no longer over-delivering like he used to, but he is still over-promising, according to a top economist, who pointed to the Tesla CEO's recent insistence that his EV company should be ...</p>\n\n<a href=\"https://finance.yahoo.com/news/elon-musk-turned-tesla-meme-221039520.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://s.yimg.com/uu/api/res/1.2/Zqb0ueZzzr4YbB80_F2fZw--~B/aD0xMzY1O3c9MjA0ODthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/fortune_175/95fceeea92f03c588bb0ccdc9abc0ad8","relate_stocks":{"IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BK4534":"瑞士信贷持仓","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4555":"新能源车","LU2063271972.USD":"富兰克林创新领域基金","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0823414478.USD":"法巴经典能源转换基金","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4527":"明星科技股","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","BK4550":"红杉资本持仓","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","TSLL":"Direxion Daily TSLA Bull 2X Shares","BK4588":"碎股","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4574":"无人驾驶","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4551":"寇图资本持仓","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4581":"高盛持仓","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4099":"汽车制造商","BK4511":"特斯拉概念","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","BK4548":"巴美列捷福持仓","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","TSLA":"特斯拉","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU0823411888.USD":"法巴消费创新基金 Cap","BK4592":"伊斯兰概念","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0056508442.USD":"贝莱德世界科技基金A2","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC"},"source_url":"https://finance.yahoo.com/news/elon-musk-turned-tesla-meme-221039520.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2433790801","content_text":"Elon Musk is no longer over-delivering like he used to, but he is still over-promising, according to a top economist, who pointed to the Tesla CEO's recent insistence that his EV company should be valued like an AI company.\nIn a Project Syndicate op-ed published on Wednesday, UC Berkeley economics professor and former Treasury official J. Bradford DeLong gave Musk credit for creating a historically important tech company that's the \"tip of the spear in the transition away from internal-combustion-engine vehicles.\"\nMusk's rocket company SpaceX also shows great promise, and he has proven to be an effective coach for engineers working on battery technologies, electric vehicles, and rocket science, DeLong added. \"Without him, those technologies would not have been pushed forward as much as they have.\"\nIn fact, while Musk has frequently over-promised, he over-delivered on those fronts, helping Tesla's market cap and Musk's personal wealth soar since the 2010s, DeLong said. \nBut more recently, he has shifted his focus from EVs, charger networks, and batteries to social media, artificial intelligence, and robotaxis. \nEven as Musk vowed last month to accelerate plans to launch a new, lower-cost EV model that Wall Streets views as critical to its future, he also reaffirmed his robotaxi ambitions to develop a fleet of autonomous cars. \nMeanwhile, Tesla's surprise firing of its entire Supercharger team raised worries about the key network as well as the industry's future. This also comes amid slower EV demand, weaker sales, broader workforce cuts, a steep stock decline, and an exodus of senior leadership.\n\"Yet while the over-promising has continued, the over-delivering has not,\" DeLong wrote. \"The fundraiser, cheerleader, and coach for teams developing real technologies has become a meme-stock carnival barker.\"\nHe pointed to last month's Tesla earnings conference call, where Musk exhorted Wall Street analysts to value his company more like a robotics or AI company instead of an auto company. In particular, Tesla should be viewed \"almost entirely in terms of solving autonomy\" and being able to apply that to a gigantic fleet of cars, the CEO added.\nBut DeLong noted that more than 80% of Tesla's first-quarter sales were from automotive revenues, adding that car manufacturing has nowhere near the marginal costs of an IT company, which can write code once and run it everywhere.\n\"For all the current Tesla shareholders planning to offload their holdings in the next couple of years, everything hinges on the company succeeding as a meme stock, and Musk is diligently working toward that goal,\" DeLong warned. \"Since there are virtually no long-term Tesla shareholders, the market does not particularly care that the company lacks a CEO who is trying to build it into an enduring profit-making organization.\"\nThis story was originally featured on Fortune.com","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}