According to Bloomberg, prominent investor Jim Chanos admitted that he missed the boat in a bet on Tesla and praised the company’s Mercurial Chief, Elon Musk.
Chanos, the founder of short-term sales firm Kinikos Associates, said his bet on Tesla became a dramatic responsibility last year as the company’s stock surged.
“It was obviously a pain,” said Chanos. He said he had reduced his exposure to trade.
After the upgrade from Goldman Sachs, Tesla’s share price rose 4.3% to $ 593.50 around noon. Tesla’s prices are now more than seven times higher than at the end of 2019.
Chanos, who made a name for himself by betting on Enron before it collapsed, is the latest big name given to the electric car company a humble pie. Electric vehicle companies stumbled early on the launch of production, but have recently gained momentum.
Musk has frequently rejected short sellers such as “dislike”.
In 2018, Citron Research returned Tesla’s course to a “long” position. In short, Tesla was betting on a rise in stock prices as it boosted production of the three Model 3 cars.
Chanos has never met musk, but if they crossed the road, “it worked so far,” he told Bloomberg.
Tesla’s stock has gone bankrupt since the S & P Dow Jones Index announced on December 16 that it would add to the prestigious S & P 500.
After Goldman Sachs raised its price target from $ 455 to $ 780 on Thursday, the company went up further, saying the shift to battery-electric vehicles is “accelerating and will happen sooner than previously viewed.” Stated.
Tesla Skeptic Regrets Betting Against Musk: Report Source link Tesla Skeptic Regrets Betting Against Musk: Report