Forgive me for being crude, but sometimes a word-picture tells a story better than words. Hence forth the Squirrel Turd subject line.
And at this point Id say that Tesla CEO, Elon Musk aptly fits that description.
If you havent been following the ongoing war between the short sellers of Tesla stock and Elon Musk, youve been missing a circus that would make P.T. Barnum and Bailey proud. (In April, we wrote about Teslas problems HERE)
Many big players on Wall Street know that Tesla is burning through cash like theres no tomorrow and simultaneously losing billions.
Theyre failing miserably from a production standpoint and most of the senior officers of Tesla have quit and have become whistle-blowers about how the company books have been cooked.
Meanwhile Musk continues to defy the shorts with outrageous claims and future promises causing the stock to whipsaw up and down.
Some believe hes gone over the deep end. Others say hes over medicated with an out-of-control ego. Many think his compulsive Twitter rants make him sound like a pathological liar.
However, based on his Tweet on August 7, Id say hes just plain nutz.
Despite ongoing turmoil surrounding Tesla, Musk tweeted he was planning on taking the company private through a Leveraged Buy-Out (LBO) at a price of $420 per share.
The SEC (who, up till now has stubbornly ignored Tesla) has since launched an investigation as to whether Musk was lying about the LBO to prop up the stock price.
In other words, stock fraud.
If found guilty of stock fraud, hell be on the hook for billions as the lawsuits fall like an avalanche. And thats just for starters.
Musk could end up in jail.
On the brighter side, in prison hell have plenty of time to tweet until his heart’s content.
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