Tesla - where to from here
It has been a long time since I wrote about Tesla.
Probably this article is not going to be too well received. Tesla, with Elon Musk looming large, either you like it, or you hate it.
I am in the latter camp.
Give credit when credit is due. Elon Musk and Tesla has jumped started EV. Elon Musk is also the face of SpaceX and many other technology frontier. Many Elon Musk's worshippers have defended Elon Musk and perceived anti-Elon Musk as not seeing his brilliance as what he is. However, celebrating his vision and embracing his wilfulness is two different things.
Despite what Tesla has done, we have to remember that Tesla will not be what it is today without the massive subsidies the US government threw behind in its formation years. Without those massive subsidies, Tesla won't be crazily profitable today. No, this is not due to Elon Musk's sole brilliance that takes Tesla to today. There's a combination of factors, so gives credit when credit is due, not more...
Looking at the chart, short term rebound seems likely given its current oversold position.
However, given that there is no other support lines near 143, I expect Tesla shares price to go all the way down to around 101 to retest that support.
Events wise, many things are on-going for Tesla, exciting times, just depends on who you ask. The key events to look out would be Robo-taxi announcement, shareholders new voting outcome, Tesla new result release.
I am not sure if Robo-taxi announcement would be what people in general is expecting. In theory, it is achievable. Many patents filing from various automobile companies attested to that. There are even some Robo-taxis already in operation in US, and elsewhere.
Therefore I don't expect Robo-taxi to be a near term game changer for Tesla.
Given Elon Musk's tendency to over promised, I would expect Tesla shares price to see some short term rebound, till patience runs out.
Shareholders vote or revolt.
This is something that I don't like about being a Tesla shareholder. I might enjoy a 100% gain in share price, still I think it is not right. I will need to risk my $100 to make $100.
Elon Musk just needs to ask for money, and he gets Billions rained on him! Strange world if you ask me. I would never be able to put up a Billion dollar to gain the next Billion. No matter how much I love the CEO (doesn't matter if he is a part-timer), I won't grant him $50B to do what he is supposed to do anyway. Like I said, give credit when credit is due, not more, not less...
Do your own research and make your own call.
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If he can't convince Wall Street not to sell off Tesla's shares on poor earnings, he confuses yall with fanciful futures that may not even materialise.
He behaves like a spoilt brat that has been used to getting his ways, so he jumps on anything that excites him without much thought, and shelves it as soon as the fun is done. In the midst of it all, losing money unnecessarily and breaking families because of his failed and erratic leadership.
Tesla's glory days are long over. Price of Tesla should be worth under $60 lol. What competitive advantage does TSLA have over other pioneer companies? None, honestly. To date, Toyota remains the most popular car choice around the world.
Buyers beware.
But the turth is, elevators only go up and down. There are no pedestrians or ither drivers in the way.
Shorts are nervous now, indeed