An Optimist Would Say Tesla Is Worth $400, Maybe $500/Share

Summary

• Tesla's normalized math-based valuation remains far lower than its current price, largely a function of rising inflation/required discount investment rates.
• A slowing global economy and a jump in EV competition are real-world risks to future Tesla investment gains.
• One bright spot is technical momentum trends indicate buying interest has not completely imploded with the Big Tech bust of 2022.
• I rate TSLA between a Hold for long-time owners and Musk believers to an Avoid for those contemplating adding shares.

Spencer Platt/Getty Images News

Wild growth names are not my gig. Neither are meme picks or bubble valuations, and all the justifications you have to gulp and swallow. I will admit the Tesla (NASDAQ:TSLA) share quote has surpassed any price level I felt reasonable the last three years. But, if the Fed keeps tightening and new car sales turn lower soon, what is Tesla really worth as a buy-and-hold idea?

Let’s start by repeating inflation is the biggest problem in valuing Big Tech equities today. To keep your buying power intact, you shouldn’t be paying more than 12x to 14x P/Es on a low-growth pick right now for any privately owned business… that’s the math. The cost-of-living baseline of 8% CPI annually is a huge obstacle for Wall Street pricing. I have been screaming about the need for falling valuation ratios (and higher discount rates) since last spring in my bearish Big Tech articles.

On the huge markdowns for price during 2022, valuations in many Big Tech names have encouraged me to be more constructive on the sector generally. I have written bullish articles on the Invesco NASDAQ 100 ETF (QQQ) here, Meta Platforms/Facebook (FB) here, Netflix (NFLX) here, and Alphabet/Google (GOOG) (GOOGL) here, to name a few.

My last Tesla article in November here discussed the heightened level of insider and management selling around $1,100 per share. Hitting the skids over the last six months, TSLA's quote has declined about -30%. In my view, the main question investors still need to ponder before making any buy or sell decision revolves around the company’s underlying worth in the present economic environment of rising interest rates and weakening economic growth.

My Valuation Take

The primary bearish argument continues to be bubble-thinking investors have bid its total market capitalization into an unsustainable range, especially as competition for EVs explodes in 2022-23. Auto sales and service represented 87% of company sales in 2021.

Below is a graph describing the risk of valuing Tesla the same as (or at a premium number to) the rest of the automobile manufacturing/selling industry combined. The current $785 billion equity cap is greater than the total value of its next largest competitors Toyota (TM) (OTCPK:TOYOF), Volkswagen (OTCPK:VWAGY) (OTCPK:VLKAF), BYD (OTCPK:BYDDF) (OTCPK:BYDDY), Mercedes-Benz (DDAIF) (DMLRY), BMW (OTCPK:BMWYY) (OTCPK:BAMXF), General Motors (GM), Ford (F), Stellantis (STLA), Honda (HMC) (OTCPK:HNDAF), Ferrari (RACE), and Tata Motors (TTM).

YCharts

First, some good news. Analyst earnings estimates further into the future have doubled since last summer. 2023 EPS consensus projections of $15.89 and 2024 of $18.99 have improved dramatically over the past year. You would think this outstanding income growth expectation would support the price.

YCharts

However, here’s the rub. Mandated rates of investment return to keep up with inflation are completely out of whack vs. the math of 12 months ago. When you look at the current earnings yield minus CPI inflation of 8%, Tesla’s 1% or 2% income return vs. price is downright horrible. In addition, the forward 1-year PEG ratio (price to earnings growth rate) has moved from an arguably constructive and bullish area 12 months ago, to a seemingly pedestrian multiple above 1x. In terms of basic growth valuation analysis, Tesla appears to hold an overvaluation setup actually worse today than early November’s $1,200 price.

Rising PEG Ratio, Negative Earnings Yield - YCharts

Price to earnings multiples remain in the stratosphere. So, Tesla shareholders better hope against reality that the EV push at all automakers in the next few years does not completely halt company growth soon. The current 100x price on trailing earnings is well above the 6.5x peer median average or 20x multiple on the S&P 500.

YCharts

Price to trailing cash flow is also problematic for Tesla owners. A sky-high ratio of 62x is crazy expensive vs. 8% CPI increases. Of the world's automakers with positive cash flow the last 12 months, the median average multiple is closer to 4x!

YCharts

On straight comparisons of enterprise value calculations (total debt + equity – cash), Tesla remains one of the most expensive automakers in the world, alongside BYD's EV effort, by an extreme margin. EV to earnings before interest, taxes, depreciation and amortization is standing at a multiple of 59x. This is against an S&P 500 index closer to 14x EV to EBITDA or the peer group median average of 6.5x.

YCharts

EV to trailing revenues is equally scary from a risk standpoint. 12.4x is nowhere near the industry-typical multiple of 1x or even Tesla’s valuation of 2x in 2019. Wall Street appears to assume growth rates will not slow, no matter the level of EV sales at other automakers in 2022-23. A cautionary tale of greed and arrogance, Netflix management and investors incorrectly assumed the explosion in streaming offerings by other media/entertainment leaders in 2021-22 would not be a big deal for the king of streaming. Such feelings proved dead wrong this year, as the Netflix quote dumped from $700 to $163 rapidly, a 75% bloodbath for bulls unconcerned about competition or stock valuations. Sound familiar?

YCharts

Valuation Conclusion

My view is Tesla should not be valued above 30x forward EPS, purely as a function of 8% CPI. An optimist will argue the company is not in the same position as Netflix a year ago, and operating business expansion will remain strong. Even under this rosy scenario, investors in Tesla paying more than 30x future EPS are LOSING 5% a year in purchasing power, if you owned the whole company outright, and pocketed income as a cash dividend.

Historically, Wall Street has priced equities at a minimum level, with income generation offsetting prevailing inflation rates (or getting close for growth picks). Without doubt, falling inflation and interest rates would benefit growth-based business valuations like witnessed at Tesla. Wall Street looks to be anticipating a big slowdown for inflation is approaching, as many growth equities like Tesla remain elevated on income and cash flow returns. But, few investors and analysts believed inflation rates above 2% were possible just 18 months ago. What if inflation rates surprise, staying between 5% and 10% YoY through 2023?

The bottom line is I am unwilling to pay 40x to 50x forward EPS for Tesla until inflation gets under control and we see how new EV competition materializes later this year. Pulling all of the pieces of the economic puzzle together, I figure a fair mathematical valuation for TSLA today is $400, likely rising to $500 in 12 months, assuming a major global recession is avoided and EV vehicle demand continues to surge.

Of course, if we get a deep recession and competition eats away at Tesla sales, a fair value closer to $300 could become reality. That would be the pessimist’s viewpoint and outlook.

Underlying Momentum Still Decent

The one saving grace for Tesla shareholders is plenty of buyers are still coming into the stock. One of the reasons for my skittishness on the world’s leading EV manufacturer back in November was lagging trading momentum. However, today my quant momentum system rates the underlying momentum condition as average vs. S&P 500 stocks, and somewhat better than average vs. the Big Tech NASDAQ 100 index.

Below are graphs of total return performance (Tesla does not pay a dividend) from 6 to 21 months vs. the largest automakers on the planet. Notice how returns have been bottom of the barrel the last six months. China’s EV competitor BYD and India’s Tata Motors are acting just as well for price gains over the past two years.

YCharts

YCharts

YCharts

I have drawn a 22-month chart below highlighting some of the positive signals in stock trading. First, long-term Tesla shareholders have been seeing extra dollars showing up in the brokerage accounts. Even after the rough -40% drop from its all-time high last year around $1,200 per share, TSLA has still “outperformed” the S&P 500 index by better than +100%, for total returns, over the last two years.

The Negative Volume Index of buying/selling trends on low volume days (marked with the red arrow) is signaling plenty of interest by investors looking to buy weakness, especially after high-volume down days. This situation is dramatically more positive than at the peak in price last year. In addition, On Balance Volume (marked with the blue arrow) has not declined much with the sharp price dump over six months. Essentially, my read of OBV trends is selling has not been a specific issue for Tesla, but may be related to the overall Big Tech risk-off span the last six months, as a type of arbitrage move consistent with other busting names.

22-Month Chart, Daily Changes, Author Reference Points - StockCharts.com

Final Thoughts

I peg prices under $500 per share as an intelligent area to add Tesla. If price remains above this level in 2022, I would avoid putting new capital into this revolutionary company headed by Elon Musk. I do not expect wide outperformance of the S&P 500 the rest of the year. During the 1970s period of high inflation, the extraordinary growth picks of that day traded at P/Es of 30x to 50x trailing EPS vs. Tesla's ratio of 100x today.

More than likely Tesla will continue to underperform the S&P 500 index, as it has since early November. The odds of expanding competition in EVs driving TSLA results below current expectations are very real. The company’s disruptive first-to-market inventions are no longer the only game in town.

Can I confidently say Sell Tesla? No, the company has a history of beating expectations and has regularly been priced at valuations beyond what I consider reasonable. If you have been an owner of Tesla for some time, paying capital gains taxes now, with the intent to rebuy at a price 20% or 30% lower may not work out as planned. I rate the stock a Hold for long-time shareholders, mainly because the technical trading momentum is far better than you would expect during the 2022 selloff.

For investors wanting to purchase Tesla around $750-$800, I would not be anxious to commit new capital. If this is your portfolio situation, I would Avoid the name for now. Waiting for $700 or $600 or lower seems far more logical. To me, other Big Tech names have stronger valuations in a high-inflation environment. Again, my risk/reward analysis favorites today are Alphabet/Google, Meta Platforms/Facebook, or even Netflix.

What could surprise Wall Street and support higher equity quotes over $800? Namely, a robust economy and demand for new electric vehicles, with parts shortages disappearing, labor wages increasing less fast, and a Chinese market more accommodating (both for production and sales). Something closer to nirvana, which may be too much to ask for 2022-23.

Thanks for reading. Please consider this article a first step in your due diligence process. Consulting with a registered and experienced investment advisor is recommended before making any trade.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

This writing is for educational and informational purposes only. All opinions expressed herein are not investment recommendations, and are not meant to be relied upon in investment decisions. The author is not acting in an investment advisor capacity and is not a registered investment advisor. The author recommends investors consult a qualified investment advisor before making any trade. Any projections, market outlooks or estimates herein are forward looking statements and are based upon certain assumptions and should not be construed to be indicative of actual events that will occur. This article is not an investment research report, but an opinion written at a point in time. The author's opinions expressed herein address only a small cross-section of data related to an investment in securities mentioned. Any analysis presented is based on incomplete information, and is limited in scope and accuracy. The information and data in this article are obtained from sources believed to be reliable, but their accuracy and completeness are not guaranteed. The author expressly disclaims all liability for errors and omissions in the service and for the use or interpretation by others of information contained herein. Any and all opinions, estimates, and conclusions are based on the author's best judgment at the time of publication, and are subject to change without notice. The author undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional materials. Past performance is no guarantee of future returns.

Comments

[Circles]

Put down the pipe

[TommyIrish]

"For investors wanting to purchase Tesla around $750-$800, I would not be anxious to commit new capital."

I want anyone looking to buy TSLA for $800, or even a measly $750, to call me for a private.

So rich in promise and profitability why do people not get it anymore!

Just a complete bargain!!!

[RL2200]

@TommyIrish Perhaps you might take a page out Cathie Woods play book she has called every price target on $TSLA for the past 6 years. In fact they have in many cases surpassed her price targets!

Cathie Wood's ARK INVEST Dropped A HUGE NEWS About Tesla's Future Valuation==> https://youtu.be/zPMbYYv4PAs

[Gruss_Gott]

@RL2200 perhaps you should remember:

* The last 14 years have been one of the longest booms in history; the largest predictor of startup success is when launched with those at the beginning of boom winning, those at the beginning of recession losing.

* The last 5 years have seen some of the biggest QE in history, along with historic low interest rates

* The last 3 years have seen the greatest stimulus in history

* The US stock market is in a 3-sigma bubble, the same as in 1929, 1999, 2007

In the EU, China, and the US, all of this is beginning to unwind. Banks are raising rates and beginning QT. The odds of a recession within 2 years are high. Every flag is flying: 2/10 inversion, energy spike, bond prices, etc

A revert to the mean event is looking highly likely ... and Musk has a "super bad feeling".

My guess is, Musk's super bad feeling is due, in part, to seeing his Chinese demand & production data and/or global demand / pre-order cancellations.

#RiskOff.

[RL2200]

@Gruss_Gott To be fair China is a victim of its draconian zero covid tolerance policy which is why Cathie Woods sold off all of the "made in china stocks" last year. We also have realestate sandal aka FRAUD which started back in September of last year. So its not a lack of demand for Tesla cars but rather an economy that's been ravaged by shut downs. To be honest they will starve long before they die from any flu virus which has seen a "kill rate" of less than 1% on per capita basis!

[pd mar]

Tesla indeed is a fascinating company that elicits strong polarizing reactions from people. I personally find their cars, and more specifically their model 3, quite uncomfortable, especially for backseat passengers. I think some of their build quality could be improved upon and their competitors offer better build quality. Nevertheless, they are some of the most fun cars to drive and I think they’ll continue to have incredible brand loyalty for many years to come. Being condescending towards a Tesla owner is just as futile as the many decades PC owners belittled Apple users by criticizing them for overpaying for overpriced hardware. Apple stockholders nevertheless had the last laugh. Tesla too could have the same fate if they focus on continuing that brand loyalty by improving the build quality and providing stellar customer service. I’d have no problem buying TSLA shares at $450 and slowly dollar cost average down through this bear market should it go lower. From 2020 through 2021 the share price got way ahead of itself. Glad to see it’s inching back down towards something more reasonable.

[E.D. Hart]

We are entering a new paradigm---lower growth, and higher costs.
This is the double whammy. It applies to the company as well as to the consumers who buy the companies products.

Then, the triple wham is when we consider that the discount to earnings in the future is much higher, necessarily bringing down the multiple.

TSLA bulls say---"hasn't happened yet!" and, "so far Im up 500% on my shares...I'm never selling!"

I get it---projecting the past into the future.

But to me that sounds like deductive logic:
Growth stocks grow forever, outperform the market, and always beat value.

TESLA is a growth stock.

QED: TSLA will grow forever, outperform the market, and always beat value.

Problem is, the best financial decisions are made inductively. Market pricing is an inductive machine--with the sentiment inputs determining which data to emphasize.

But market historians recognize that there are key turning points where the investing landscape changes, and asset classes that did well for a decade, do horribly for the next 8-10 years.

Oil stocks and gold did great in the 1970s--outpacing the markets. Financials did great in the 1980s. Technology did fantastic in the 1990s. Commodities, and real estate did well in the 2000s until 2008. And the 2010s were fantastic times for technology companies.

The 2020s look to be another change in market leadership, led by undervalued real assets like oil, other commodities, and some selected farmland, and real estate.

Look for things that are cheap, and disliked. (oil stocks are very cheap at 20-30% free cash flow yields, and oil is going higher).

The past is a roughly accurate picture of the future, and works well most of the time---until it doesn't.

TSLA $400 in 2023

[RL2200]

@E.D. Hart Perhaps $TSLA will hit $400 but only bacause the rest of the market has capitulated another 25-50%. I will not preach on the nefarious nature of the FED and its monetary manipulation which cause these boom & bust cycles but if you need material I have a dozen books and several PHD decertations from Ivy League Schools on this very subject matter!

[E.D. Hart]

@RL2200 thank you for the author. I concur. All markets are manipulated. And it is nefarious.

[RL2200]

@E.D. Hart Manipulating the World Economy: The Rise of Modern Monetary Theory & the Inevitable Fall of Classical Economics - Is there an Alternative? by Martin A Armstrong

[HA Research]

A realist would say that TSLA should trade at other car company valuations.

[RL2200]

@HA Research A realist would say that only 25-27% of the employees work on the car portion while the rest work on the software / r/d research

[HA Research]

@RL2200 Burning cash on R&D when competitors are just supplying the market with EVs. FSD 'at some point' does not bridge the valuation gap.

[RL2200]

@HA Research BTW they are miles ahead on FSD but the R&D I was speaking of is pertaining to the optimus robot , robo taxis, roof installations for solar panels etc etc

[Contrarian Max]

Elon just said he is going to layoff people, aka growth story is over for now. Its time to sell.

[Circles]

@Contrarian Max go ahead, bad decision.

[Contrarian Max]

@Circles I took profits on Tesla end of 2021, just waiting for another low entry point. The myth 'experts' like to spread is people that attempt to time the market lose money all things in moderation attempting to time based on guesses if foolish just like forever being bullish is foolish. I look at real economic data sold all my tech and high PE stocks in 2021 rotated to inflation and recession stocks. There will be plenty of buying chances at lower prices for Tesla before the stock split.

[Outcast_Searcher]

@Contrarian Max: Denying reality won't end well for your ilk. But by all means, continue to delude yourself. Especially that you can time the market well. LOL

[sr1952]

Of course the author is correct and I think $400-$500 per share is VERY generous.

[randallburns]

This valuation is _way_ off. Tesla traders more like Nvidia than any automaker. The auto business is a small part of overall Tesla market valuation.

youtube.com/...

I show that statistically in my two part valuation videos.

The AI/Software aspect of Tesla is far more valuable, and insurance, energy both have real promise for the future.

Growth really aren't your thing. In this situation: some value stocks are going to get wammied by fast change: you might want to look at which ones will and won't.

[jgcc]

Tesla loses power trapping driver inside then burst into flames!

Transport Canada now has the vehicle for an inspection

beta.ctvnews.ca/...

[RL2200]

@jgcc This is an anomaly vs the the trend with Chevy Volt where they had to literally recall all of the cars and have them returned while simultaneously stopping sales ==>

GM temporarily stops making the Chevy Bolt after latest recall www.theverge.com/...

[OscarSmith]

one point people seem to forget is dilution... Tesla is a champion of dilution as stock based comp is very high. Amazon is a bigger bubble though.. In both cases CEOs started selling at the top and were selling again recently

[dmce]

@Paul Franke - "Wall Street appears to assume growth rates will not slow, no matter the level of EV sales at other automakers in 2022-23. "

That's because Wall Street knows that

- Consumer sentiment has shifted very strongly in favor of considering an EV for their next vehicle purchase

- Tesla has only a 1.5% share of worldwide light vehicle sales. The Tesla TAM is huge

- Legacy automakers continue to be slow in ramping BEV production. Even their forecasts for future EV production capacity (e.g. 600K by the end of 2023 for Ford) undershoot both consumer demand for EVs and Tesla's increasing production capacity (3M+ by end of 2023).

[OscarSmith]

@dmce funny how all the comments concern US market. Europe and China: competition is growing super fast

[Gruss_Gott]

@dmce The $TSLA TAM is not huge - that's a total misunderstanding of the auto market.

In 2016 $TSLA Model S/X hit a sales ceiling, i.e., there were only so many people in the market for a luxury sedan/crossover that was also an EV and was also a Tesla.

Tesla was smart, they recognized the sales ceiling early, and in 2017 started production to enter into a new segment, entry-luxury-sedan/CUV with the Model 3/Y.

It's been a great 5 years, but since 5 years is a long time, it's made people forget that the entry-luxury segment is sales-limited just like S/X was & is.

Tesla is about 50% of the way through the entry-luxury segment and soon that sales ceiling will come into view. The max sales Tesla could hit with their current product line is ~2-3M units and/or about the same size as BMW or Mercedes in terms of yearly sales.

Tesla did not grow the TAM of the luxury sedan segment with S/X and Tesla won't grow the TAM of the entry-luxury-sedan segment with the 3/Y.

Further, the CT isn't a high volume segment (lifestyle unibody pickups), so $TSLA isn't likely to pickup much there, and certainly nowhere near the volume it'd need to keep growing at the same rate.

Tesla knows all this, but curiously isn't planning on any new high volume segments, so it's a bit of mystery.

[dmce]

@Gruss_Gott - "Tesla was smart, they recognized the sales ceiling early, and in 2017 started production to enter into a new segment, entry-luxury-sedan/CUV with the Model 3/Y."

Yes, really early. Like in 2006 when Musk published his first "secret Tesla Motors master plan", which included a third vehicle that was less expensive than the "sporty four door family car" that was to follow the Tesla Roadster.

www.tesla.com/...

"Further, the CT isn't a high volume segment (lifestyle unibody pickups)"

With built in power outlets and air compressor, hard to scratch/dent stainless steel body, 100 cu ft of external lockable stowage, easy loading tailgate ramp, 6.5 ft bed and height adjustable air suspension the CT will fit right in at the jobsite. Unlike the Rivian it is not just a lifestyle pickup.

"Tesla knows all this, but curiously isn't planning on any new high volume segments"

You are not privy to what Tesla is planning. One thing Tesla has been really good at is keeping their future product plans secret if there is any chance of those plans Osborning the sales of current products. Even after new products have been revealed but not yet delivered Tesla has downplayed them to keep sales of current products strong.

Tesla aspires to sell 20M cars annually by 2030. They know all about price elasticity in the auto market. As the first new US auto company to not go bankrupt in 100 years Tesla has proven that they aren't stupid. Don't underestimate Tesla the way so many legacy auto executives did.

[dmce]

@Paul Franke - "the forward 1-year PEG ratio (price to earnings growth rate) has moved from an arguably constructive and bullish area 12 months ago, to a seemingly pedestrian multiple above 1x."

PEG is not price to earnings growth rate, it is the price to earnings ratio DIVIDED BY the growth rate. Lower numbers are better, since it shows that the seemingly high PE is justified by a very high growth rate.

Tesla has grown revenues at a 50% compounded rate for the past 5 years. Profits have grown even faster as Tesla has achieved operating leverage as it has gotten bigger. Tesla is the fastest growing company ever at $50B in revenues and has the highest operating and net margins in the auto industry. All of which explains Tesla's seemingly high but in fact justified valuation.

[Paul Franke]

@dmce I could have explained PEG better.

[gametv]

My problem with this article is simply that if you believe Tesla's valuation should be much lower due to the inflation rate of 8% we are now seeing, then basically everything is highly overvalued by that same logic.

If anyone really believes that 8% inflation is here to stay, then nearly all equities are overvalued and will fall.

My feeling is that the inflation rate will get cut pretty fast in the second half of this year, as consumer spending tanks and companies realize that they dont have pricing power (in most cases). For any product that has real competition or is discretionary, consumers are going to revolt.

BTW, I bought a Tesla a couple years back. Best purchase ever. My wife and I drive the Tesla almost exclusively, except for the few times we need to drive our SUV. savings are at least 300 a month, maybe 400. I could probably sell it for the same price I paid for it since prices have gone up. An environment of high gas prices will drive BEV adoption and keep Tesla factories running at full capacity.

[RL2200]

@gametv Long term $TSLA is very cheap we are looking at market cap of 5-15 trillion (easily if not higher) in the coming decade with production rates of 10-20 million cars per year and none of that includes the robots, monthly subscriptions rates on those robots, FSD subscription rates, insurance (given the less accidents of FSD has vs a human), & last but not least the robotaxis that will take UBER's lunch!

[gametv]

I have a question for you. You say that noone should be paying more than 12x to 14x for any low growth stock due to 8% inflation rate.

Are you assuming that 8% inflation rate is going to happen again next year? I really think that the Fed will continue to tighten and is willing to even overshoot by tightening a little too much, to swat down inflation. The Fed is using some shock and awe tactics here to put a cap in inflation. The economy is starting to stagger and even go into recession, this is not going to be a long term inflationary trend.

As demand begins to fall, there will be a quick halt in the inflation picture. I dont expect rates to fall rapidly, but they WILL fall.

At some point the Biden admin will be forced to cave on the fracking bans on federal land and allow more production and within a year or so, energy inflation will be gone and consumers will punish any company that gets too greedy. My car wash just dramatically raised prices - screw them - not going back - time to make greedy bastards pay by saying goodbye. Will do this on ALL discretionary purchases and so will most people, even the people who can really afford things.

[Paul Franke]

@gametv I am hoping for 6% CPI this calendar year and 5% next year. We can only reach lower numbers with a recession. Musk is worried a recession is here. Maybe their car sales numbers are below target.

[Stilldazed]

@Paul Franke

Be very careful, Musk is the master of sandbagging.

[dmce]

@Paul Franke - "Maybe their car sales numbers are below target."

Delivery lead times for new orders of some Tesla models and trims stretch out to a year. Tesla's car prices have been going up, not being reduced. So there is no evidence that Tesla sales numbers are below target.

[scott77]

You suppose Musk will still take his company private at $420 a share? 😛

[TomasF]

I wasn’t expecting these type of documents... seems the 2020 retail investors are dead. 😃

[treespace]

I've done some serious valuation analysis and came up with $420 per share provided consumer sentiment remains elevated. Musk seems to be turning into an angry ogre, threatening to fire everybody.

TWTR CEO affirmed that employees should work where ever and how ever they feel productive, while Musk wants everybody in a cubicle with ankle bracelets and two 15 minute bathroom breaks.

I found it confusing when Musk said he was "still committed" to the TWTR deal. Who does that? Who signs a complex legally binding contract to buy a publicly traded company and then pretends it's just a non-binding letter of intent that he can honor or not on a whim?

[captainccs]

@treespace "TWTR CEO affirmed that employees should work where ever and how ever they feel productive, while Musk wants everybody in a cubicle with ankle bracelets and two 15 minute bathroom breaks."

Twitter loses money. Tesla makes money. Time to replace the 'TWTR CEO.'

[Ra's al Ghul]

380.-, and it's still ridiculously expensive. .

www.tradingview.com/...

[DFV Deep Value]

How does this knucklehead value a company that is one of the worlds greatest short squeezes of all time? Short term valuations are meaningful to no one on tesla, tesla is a 10B company.

[uptick_rule_now]

I am not as optimistic. I would say maybe $4 or $5 pre (first) split pricing is generous for Turdsla and the lying con man fElon Musk (who should be in jail)

[DFV Deep Value]

@uptick_rule_now you’re also broke and didn’t buy a single a share, you’re the type to buy high and sell low.

[RL2200]

@Dailylong Another loZer (uptick) who missed the ride little does he know the best is yet to come in the next decade(s). $TSLA will be a robo taxi service , robots & its subscription rates (for the lacking work ethic of gen Z's), FSD & its subscription rates, insurance , battery storage for power companies so they meet the climate goals set forth by the Paris Accord, & few solar panels for homes to top it off with a cherry. So as you can see $TSLA is a software company who for the time being happens to make cars !