The Incredible Melting TSLA
The Credit Strategist Blog
Is anybody else watching TSLA’s market cap melt like the Wicked Witch of the West?
As this is written at 3:30 pm today, TSLA is down a bit more than $11/share and the company’s market cap is down to (a still absurd) $530 billion - on a day when the Dow is trading up ~400 points, the S&P 500 up ~50 points and the Nasdaq ~114 points. This 6%+ drop in the stock price is a continuation of a steady decline that cost the company more than half its value since October, or more than half a trillion dollars.
While Rome is burning, Elon Musk is fiddling around at Twitter, a company he spent months destroying before buying for probably three times its value and then further damaged after taking control. The bigger problem for Musk, however, is that like former (and ever-to-be former) President Donald J. Trump, he is suffering from overexposure. While the media hangs on every word (or tweet) from the king of self-regard, increasing numbers of people are growing tired of the man and his musings (most of which are pedestrian).
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