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And apparently stopping hiring: https://gizmodo.com/tesla-hiring-freeze-job-postings-elon-musk-layoffs-1851464758 https://gizmodo.com/tesla-hiring-freeze-job-po

And apparently stopping hiring: https://gizmodo.com/tesla-hiring-freeze-job-postings-elon-musk-layoffs-1851464758 https://gizmodo.com/tesla-hiring-freeze-job-postings-elon-mu... I'd be dumping TSLA so hard right now if I owned any, has to be the world's most overvalued stock right?

pavlov 2y ago
> "the world's most overvalued stock" There's always Trump Media & Technology Group Corp, ticker DJT. $6.5 billion market cap. Annual revenue $4 million (that's an "m"). It's a social media company that doesn't reveal any usage numbers or other KPIs. The company's auditor was just revealed by the SEC to be a complete scam with 100% fraudulent audits. So why would anyone buy this? Well, it's 65% owned by a presidential candidate in the current election. The same candidate is threatened by massive legal fees. So if you're Saudi Arabia, you can easily afford to spend a billion dollars on technically worthless DJT stock, and it goes straight to the pockets of the politician who has a very good chance of winning the 2024 presidential election. And there's nothing illegal about this, apparently. (For prior art, see that time when Qatar paid $1B for a distressed New York property owned by this same president's son-in-law.)
- generic92034 2y ago
  The best democracy money can buy. ;)
  - pavlov 2y ago
    Personally I think that award belongs to the United Kingdom. They don’t even need a constitution. To ensure the moneyed classes of Britain are well looked after, they have both a king who is a billionaire and a prime minister whose net worth is a more modest $500 million.
    - pjc50 2y ago
      The King is irrelevant and the PM got his money by marrying an heiress. No, it's true that money is a problem, but those are the wrong places to look. Try https://www.transparency.org.uk/can-you-buy-lordship https://www.transparency.org.uk/can-you-buy-lordship or https://news.sky.com/story/michelle-mone-who-is-she-and-what-is-the-ppe-controversy-swirling-around-the-tory-peer-12762756 https://news.sky.com/story/michelle-mone-who-is-she-and-what...
- Hamuko 2y ago
  Wait, DJT un-crashed?
  - dboreham 2y ago
    [flagged]
    - nindalf 2y ago
      This is factually untrue, easily disprovable by checking the chart over 3 months - https://www.cnbc.com/quotes/DJT https://www.cnbc.com/quotes/DJT. What are you going to do now? Claim that going from $66 to $22 isn't a crash?
      - dboreham 2y ago
        Hey I'm no Trump fan but you're doing the same thing. Looking at the whole chart it clearly never crashed. There was a blip up for like one day that you conveniently picked as your high point and a day or so of driving price but overall given its a meme stock the price generally stayed about the same. Crash I'd define personally as 90% price collapse with no bounce back. What I see in the chart I'd call a significant short term decline after being overbought.
        ceejayoz 2y ago
        Your definition would exclude basically every crash other than https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929 https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929, which entailed a “89.2% loss for the index”. Even then, it came back eventually. When the "flash crash" happened in 2010 it was a 9% drop. https://en.wikipedia.org/wiki/2010_flash_crash https://en.wikipedia.org/wiki/2010_flash_crash $22 is half the average for the months preceding the drop, and 1/3 the peak, with a sustained drop for more than two weeks straight. That’d be called a crash by pretty much anyone.
        bilekas 2y ago
        65% is owned by 1 person so lets ignore that percentage for the purposes of describing a 'crash' as that 1 person wouldn't crash it themselves intentionally. Now you're left with 35% for retail and institutional investors. $66 to $22 is just under a 35% drop. Smells like a crash to me.
- YetAnotherNick 2y ago
  $2.5M revenue, $52M loss. What even is that? [1]: https://companiesmarketcap.com/trump-media-technology-group/earnings/ https://companiesmarketcap.com/trump-media-technology-group/...
  - ceejayoz 2y ago
    A way for foreign nationals to donate billions to a US presidential campaign legally.
    - rubyfan 2y ago
      The thing stinks to be sure but you need more evidence to make that claim.
      - ceejayoz 2y ago
        Presidential candidates are allowed to use unlimited personal funds in their campaign. Trump owns billions of $DJT stock. His lockup period ends well before the election. The share price can be manipulated at will given enough money, the Saudis have plenty of that, and there’s already a good track record of them using it this way; a $2B investment in Trump’s son-in-law “despite objections from the fund’s advisers about the merits of the deal”, as an example. https://www.nytimes.com/2022/04/10/us/jared-kushner-saudi-investment-fund.html https://www.nytimes.com/2022/04/10/us/jared-kushner-saudi-in...
      - bilekas 2y ago
        Donald Trump's hotels and other businesses accepted more than $7.8m (£6.1m) from foreign governments during his presidency. This is not news.
        deleted 2y ago
        [deleted]
    - YetAnotherNick 2y ago
      Why is the valuation so high then? Surely all the HFTs have enough money to short it and earn money off of it. I think a company with $0 valuation would be easier to transfer money. As only he could sell his share for >$0 for donation.
- bilekas 2y ago
  It's okay though, they asked congress to investigate the 'market manipulation' suggesting that short sellers were tanking the stock.. All while the majority shareholder makes false and misleading public claims about its fiscal stability to retail investors. And actively pushing users to retain control over brokers of their shares. https://www.marketwatch.com/story/trump-medias-fight-turns-to-legal-short-selling-as-djt-shares-rise-again-28cd82ee https://www.marketwatch.com/story/trump-medias-fight-turns-t... And they tout the free market. Bulls and Bears for thee, but not for me.
- rsynnott 2y ago
  The Trump stock is almost the platonic ideal of a meme stock; just a stock ticker for people to gamble on, without the inconvenience of an actual company attached to it. Traditional meme stocks (GameStop, Bed Bath and Beyond, AMC, arguably Tesla) have a large, poorly-run company attached, which is really extraneous to the stock's core purpose, that of ensnaring day-traders. I mean, it's _possible_ the Trump one is driven by the bribery angle, but common things being common it may just be a very compelling meme stock, sharing as it does the name of a meme president.
agumonkey 2y ago
I always assumed that their inertia (being able to get most milestones from model s to x etc) + charger networks + massive infrastructure and potential applied R&D was the reason for the valuation. But since the Twitter-Cybertruck era it seems things are cracking in too many places.
bryanlarsen 2y ago
Tesla has a P/E of 45. Overvalued? Certainly. "World's most overvalued stock"? Hardly.

pavlov 2y ago

> "the world's most overvalued stock" There's always Trump Media & Technology Group Corp, ticker DJT. $6.5 billion market cap. Annual revenue $4 million (that's an "m"). It's a social media company that doesn't reveal any usage numbers or other KPIs. The company's auditor was just revealed by the SEC to be a complete scam with 100% fraudulent audits. So why would anyone buy this? Well, it's 65% owned by a presidential candidate in the current election. The same candidate is threatened by massive legal fees. So if you're Saudi Arabia, you can easily afford to spend a billion dollars on technically worthless DJT stock, and it goes straight to the pockets of the politician who has a very good chance of winning the 2024 presidential election. And there's nothing illegal about this, apparently. (For prior art, see that time when Qatar paid $1B for a distressed New York property owned by this same president's son-in-law.)

generic92034 2y ago
The best democracy money can buy. ;)
- pavlov 2y ago
  Personally I think that award belongs to the United Kingdom. They don’t even need a constitution. To ensure the moneyed classes of Britain are well looked after, they have both a king who is a billionaire and a prime minister whose net worth is a more modest $500 million.
  - pjc50 2y ago
    The King is irrelevant and the PM got his money by marrying an heiress. No, it's true that money is a problem, but those are the wrong places to look. Try https://www.transparency.org.uk/can-you-buy-lordship https://www.transparency.org.uk/can-you-buy-lordship or https://news.sky.com/story/michelle-mone-who-is-she-and-what-is-the-ppe-controversy-swirling-around-the-tory-peer-12762756 https://news.sky.com/story/michelle-mone-who-is-she-and-what...
Hamuko 2y ago
Wait, DJT un-crashed?
- dboreham 2y ago
  [flagged]
  - nindalf 2y ago
    This is factually untrue, easily disprovable by checking the chart over 3 months - https://www.cnbc.com/quotes/DJT https://www.cnbc.com/quotes/DJT. What are you going to do now? Claim that going from $66 to $22 isn't a crash?
    - dboreham 2y ago
      Hey I'm no Trump fan but you're doing the same thing. Looking at the whole chart it clearly never crashed. There was a blip up for like one day that you conveniently picked as your high point and a day or so of driving price but overall given its a meme stock the price generally stayed about the same. Crash I'd define personally as 90% price collapse with no bounce back. What I see in the chart I'd call a significant short term decline after being overbought.
      - ceejayoz 2y ago
        Your definition would exclude basically every crash other than https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929 https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929, which entailed a “89.2% loss for the index”. Even then, it came back eventually. When the "flash crash" happened in 2010 it was a 9% drop. https://en.wikipedia.org/wiki/2010_flash_crash https://en.wikipedia.org/wiki/2010_flash_crash $22 is half the average for the months preceding the drop, and 1/3 the peak, with a sustained drop for more than two weeks straight. That’d be called a crash by pretty much anyone.
      - bilekas 2y ago
        65% is owned by 1 person so lets ignore that percentage for the purposes of describing a 'crash' as that 1 person wouldn't crash it themselves intentionally. Now you're left with 35% for retail and institutional investors. $66 to $22 is just under a 35% drop. Smells like a crash to me.
YetAnotherNick 2y ago
$2.5M revenue, $52M loss. What even is that? [1]: https://companiesmarketcap.com/trump-media-technology-group/earnings/ https://companiesmarketcap.com/trump-media-technology-group/...
- ceejayoz 2y ago
  A way for foreign nationals to donate billions to a US presidential campaign legally.
  - rubyfan 2y ago
    The thing stinks to be sure but you need more evidence to make that claim.
    - ceejayoz 2y ago
      Presidential candidates are allowed to use unlimited personal funds in their campaign. Trump owns billions of $DJT stock. His lockup period ends well before the election. The share price can be manipulated at will given enough money, the Saudis have plenty of that, and there’s already a good track record of them using it this way; a $2B investment in Trump’s son-in-law “despite objections from the fund’s advisers about the merits of the deal”, as an example. https://www.nytimes.com/2022/04/10/us/jared-kushner-saudi-investment-fund.html https://www.nytimes.com/2022/04/10/us/jared-kushner-saudi-in...
    - bilekas 2y ago
      Donald Trump's hotels and other businesses accepted more than $7.8m (£6.1m) from foreign governments during his presidency. This is not news.
      - deleted 2y ago
        [deleted]
  - YetAnotherNick 2y ago
    Why is the valuation so high then? Surely all the HFTs have enough money to short it and earn money off of it. I think a company with $0 valuation would be easier to transfer money. As only he could sell his share for >$0 for donation.
bilekas 2y ago
It's okay though, they asked congress to investigate the 'market manipulation' suggesting that short sellers were tanking the stock.. All while the majority shareholder makes false and misleading public claims about its fiscal stability to retail investors. And actively pushing users to retain control over brokers of their shares. https://www.marketwatch.com/story/trump-medias-fight-turns-to-legal-short-selling-as-djt-shares-rise-again-28cd82ee https://www.marketwatch.com/story/trump-medias-fight-turns-t... And they tout the free market. Bulls and Bears for thee, but not for me.
rsynnott 2y ago
The Trump stock is almost the platonic ideal of a meme stock; just a stock ticker for people to gamble on, without the inconvenience of an actual company attached to it. Traditional meme stocks (GameStop, Bed Bath and Beyond, AMC, arguably Tesla) have a large, poorly-run company attached, which is really extraneous to the stock's core purpose, that of ensnaring day-traders. I mean, it's _possible_ the Trump one is driven by the bribery angle, but common things being common it may just be a very compelling meme stock, sharing as it does the name of a meme president.

agumonkey 2y ago

I always assumed that their inertia (being able to get most milestones from model s to x etc) + charger networks + massive infrastructure and potential applied R&D was the reason for the valuation. But since the Twitter-Cybertruck era it seems things are cracking in too many places.

bryanlarsen 2y ago

Tesla has a P/E of 45. Overvalued? Certainly. "World's most overvalued stock"? Hardly.