Thread by @cppinvest

1/ Brief Jonas call thread. $TSLAQ

I know we've joked about and poked fun at the call, but for those of you that haven't had a chance to listen to the Jonas call, he did make a few points worth highlighting.

2/ Essentially, while Jonas and MS value Tesla autonomy highly, even his high valuation shows the value of Tesla tech/autonomy to be less than the value of the total debt outstanding. Which means. . .

3/ if the car business doesn't grow, or is worth nothing, Tesla tech is worth nothing to equity. So, why would the car business be worth nothing? Because it loses money and might never get to scale (because of demand woes).

4/ Jonas made a point of highlighting the revenue per employee of other car companies today relative to Tesla, and basically threw up all over Tesla's lack of efficiency. If Tesla can't gain efficiencies (they won't), it will never be profitable, so the car business is worthless

5/ and because of the debt, Tesla tech is therefore worthless (to the equity class). So, it's obvious why he mentioned the word "restructuring" 90 million times.

6/ Don't get me wrong, Jonas's reasons for valuing Tesla tech so highly I think are utterly bogus (listen to the call or read the transcript when it is out), so I never believed it was going to be much of a contributor anyway. But Jonas is telling you the jig is up regardless.

Note finally the points he makes about enterprise value (read: the extreme level of debt that eats into value for lower classes in the cap structure) and his lament that no "strategic" player bought into the equity cap raise. Very telling indeed.