news 3 days ago

Elon Musk gloats over Tesla share price, blasts longtime Tesla short seller

BGR — Yoni Heisler

In a development that few saw coming, Tesla’s earnings report for the September quarter blew analysts away on all fronts. While many analysts on Wall Street were anticipating yet another quarterly loss, Tesla posted earnings of $1.86 per share. As a point of reference, analysts were expecting a loss in the range of $0.42 per share.

Investors naturally reacted favorably to the earnings report and shares of Tesla have since skyrocketed. In the two weeks since Tesla posted its earnings report, Tesla shares are up by about 80 points, or up 32% to be exact. In turn, Tesla CEO Elon Musk — who apparently has a penchant for holding a grudge — couldn’t help but gloat about Tesla’s stock price in a letter sent to David Einhorn, a hedge fund manager who has long held bearish positions on the company and holds a short position on the stock.

During a conference call last year, for example, Einhorn had this to say in the wake of Tesla’s positive earnings report from the September 2018 quarter.

With that said, and with shares of Tesla seemingly on the verge of returning to record levels, Musk couldn’t help but take to Twitter and post a letter he sent to Einhorn.

Not surprisingly, Einhorn responded in kind. The full response can be viewed here, but a few highlights can be viewed below:

Two billionaires battling it out on Twitter is arguably pathetic, but if I’m being honest, it’s wildly entertaining and a nice change of pace from the typically dull statements we’re accustomed to hearing from CEOs.

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