2/ As @Tweetermeyer, who now lives happily at Thre*ds has observed, Elon Musk invented the meme stock phenomenon in 2013. Since then, Tesla has traded on Musk lies & bullshit, with major assists from crooked & cynical analysts such as Ives, Jonas, Ferragu, etc. ...
3/ There are also the shameless pumpers who mix into their cynicism a big dose of stupid. Cathie Wood is the best example. She has incinerated at least $14B of her investors' money, yet wallows in extravagant personal wealth from hundreds of millions in fees.
1/ So, $0.34 GAAP EPS fully diluted. Assuming things get no worse for the rest of 2024, that would be $1.36 GAAP EPS. That works out to a P/E ratio (based on AH price I'm seeing right now) of about 112. Or, about 18 times higher than industry average. (But things will get worse.)
2/ This is for a company that is shrinking, not growing. That made a strikingly vague promise about accelerating the production of new models. That burned $2.5B in cash in Q4. That has continued to slash prices.
3/ But, that vague promise has the market juiced up, it appears. So, while the fundamentals are simply terrible, the pumping & madness of crowds continues.
First, the 2011 Administrative Order to which Twitter agreed to resolve shortcomings in data privacy & security practices. Naturally, Musk wants out. And, predictably, his counsel filed a motion that grossly misrepresents the state of affairs.
2/ The FTC isn't buying it, and slapped back hard. (Enjoy the citations to SEC v. Musk actions.) I'm guessing Twitter loses this one.
3/ Interesting side note: Musk at one point instructed his Twitter staff to give a certain "journalist" full & unrestricted access to all Twitter accounts & info. "No limits." Now, who might that "journalist" have been?
1/ A few thoughts about @WalterIsaacson's backpedaling on his stunning claim that Musk personally directed Starlink engineers to thwart a Ukrainian attack on Russian Black Sea naval vessels by turning off internet coverage within 100 kilometers of the Crimean coast.
3/ Another excerpt from the same biography appeared several days ago in @WSJ. It presented a laughably distorted account of Musk's acquisition of Twitter.
1/ Oh my, oh my, this becomes so much more tastier all the time. Our friend @chancery_daily is deeply immersed in the story, & writes this for those following the inside baseball. Here's a quick translation for the rest of us...
2/ First, Wachtell, Lipton, Rosen & Katz represented Twitter in negotiating the merger agreement with Elon Musk's "X" companies. Wachtell did a BRILLIANT JOB.
3/ Big Mr. Tough Guy Elon said of his merger offer, "Take it or leave it."
Twitter took it; Wachtell drafted an agreement in which Elon waived all due diligence; Elon - the Great Genius of Our Times - signed it.