David Einhorn's Greenlight Capital renewed criticism of Elon Musk and Tesla...
NEW YORK - David Einhorn’s Greenlight Capital renewed criticism of Elon Musk and Tesla Inc, saying the electric car company appeared to be “on the brink” of failure again, according to a letter sent to clients of the hedge fund on Friday.
“We believe that right here, right now, the company appears to again be on the brink,” the letter said. Greenlight is short Tesla stock, recently a profitable bet. Tesla’s share price declined from $332.80 to $279.86 in the first quarter. On Friday, shares of Tesla were trading around $268 per share.Greenlight said its funds gained 11 percent over the first three months of 2019, slightly below the gain of the S&P 500 Index.
“That promise has failed to materialize. The question at hand is: in a few months will Musk be again bragging that he saved the company from the brink of failure, or will TSLA in fact fail this time?”
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