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nipper

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good days and not so good days

Global investors, fearing an overvalued market, have dumped high-flying tech stocks and bitcoin once again.

 

The slump in bitcoin's value, along with Tesla's falling share price, have shaved $US15.2 billion ($19.2 billion) off Elon Musk's net worth, causing him to lose his title as the "world's richest person". ....

 

Tesla shares plummeted by as much as 13 per cent overnight, but trimmed their losses to just 2.2 per cent by the time Wall Street finished trading. This was on top of Tesla's 9 per cent slump yesterday.

 

Bitcoin is both a "friend and foe" for the Tesla boss, Wedbush Securities analyst Daniel Ives said. While Tesla on paper made roughly $US1 billion on bitcoin in a month that exceeded all its EV [electric vehicle] profits from 2020, the recent 48 hour sell off in bitcoin and added volatility has driven some investors to the exits on this name in the near-term, he said.

*but are they investors?

 

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  • 4 weeks later...

causing ripples in the world of Advice close inverted commas

 

https://twitter.com/ARKInvest/status/137331...20210323-p57d72

 

This week Ark used soapbox Twitter to directly promote its Tesla research and $US3000 price target to reach and influence as many investors as possible. Shameless self-promotion is nothing new on social media, but it is for an asset management industry schooled in the idea that proprietary research is kept secret for good reasons.

 

One reason is the fact that buy-side research is intellectual property effectively paid for by the firm via research analysts’ substantial salaries. So it wouldn’t make sense giving it away on Twitter.

 

Another reason is that buy-side research creates compliance issues in that staff normally can’t buy companies kept on an asset manager’s research recommended list ahead of the firm, with the financial firepower to move stock prices when it buys in.

 

A third reason is the idea that publicising your intellectual property would provide rivals a free kick in helping them beat the market in using your best ideas.

 

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One of the few employees on the AFR Rich List ($688M)

Robyn Denholm is a rare employee, as opposed to business owner, to make the Rich List.

 

 

She got her first taste of high finance handling the accounts at her parents' service station in Milperra, a western Sydney suburb.Accountancy qualifications followed before stints at Arthur Andersen, Toyota Australia and American IT giants Sun Microsystems and Juniper Networks, which brought her to the attention of the board of an up-and-coming electric car maker called Tesla.

 

Denholm was tapped to become a non-executive director at Elon Musk's baby in 2014, while simultaneously running operations at Telstra.

 

She then replaced Musk as Tesla's chairman in 2018, earning stock options along the way which have soared as Tesla became a market darling.

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Quarterly revenue: US$13.8billion ... Profit US$2.1billion

The most impressive number in the third quarter earnings announcement was the Tesla gross margin from car making, which hit 28.8 per cent in the quarter (excluding regulatory credits it receives for making electric vehicles) ..... up a staggering 510 basis points over the past year.

Falling costs as Tesla production scales up, and exploding demand; CFO Kirk Kirkhorn said it had been caught off guard by the broad shift to EVs, and simply could not increase production quick enough. Folks want to buy an electric car and folks want to buy a Tesla right now.

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Somehow the status of market darling lingers .... until it does not

Quote

On Monday 25 October the increase in the Tesla market value was very nearly equivalent to the total market value of Volkswagen.

Yes, in a single day. ....& on that one day the increase in Tesla market value was nearly twice that of the total market value of Ford.

but October follows into November:

Tesla lost about $US199 billion ($270 billion) in value during its biggest back to back selloff since September last year amid a host of negative news.

The drumbeat of adverse headlines reached a crescendo after Elon Musk has a Twitter poll that asked voters over the weekend if he should sell 10 per cent of his stake in the electric vehicle company was followed by news of his brother, Kimbal, selling some shares just before the poll.

There was also a Business Insider report on Michael Burry, the investor made famous by The Big Short movie, saying Mr Musk may want to sell stocks to cover his personal debts.

Quote

The stock is extremely overvalued from a long term perspective, and investors are struggling with the valuation, said Matt Portillo, an analyst at Tudor Pickering. He noted that the stock sale poll provided investors an excuse to pull back a bit.

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