The world’s richest man is flying too close to the sun.
If it were possible to short a public figure with maximum leverage, Elon Musk would surely be the top target. The political and enterprise value of “Musk Inc” is built on treacherous ideological sands.
The problem with the market’s political bet on Tesla is that Musk has already made himself the arch-enemy of the MAGA priesthood, who increasingly regard him as a globalist carpet-bagger. They think he is trying to subvert the ethno-cultural revival of the American nation-state, spreading money around to capture the Trump movement for his own purposes.“He is a truly evil person. His sole objective is to become a trillionaire.
Musk has sought to deflect the MAGA backlash by plunging into European politics and cosying up to Alternative fur Deutschland and Britain’s Reform Party. I doubt that many will be fooled by this crude ploy. Stichting Pensioenfonds ABP, Europe’s largest pension fund, has sold all its $US600 million worth of Tesla shares, ostensibly over Musk’s blocked $US56 billion pay package – but undoubtedly for a mix of reasons.Adam Jonas, Morgan Stanley’s star analyst, is keeping the faith. He has just raised his price target from $US600 to $US800 in his bull scenario, premised on sales of 7 million vehicles a year by 2030. The underlying car business would be a small fraction of this.
You can hail a driverless robotaxi today in Wuhan. WeDrive is rolling out services across Chinese cities. It is patchy, but the Chinese are catching up fast. BYD is investing $US14 billion in self-driving tech. It already dominates the Chinese market for sales of EVs and hybrids.
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