Yep! You read right. Tesla’s online shop went down for a few minutes yesterday after Elon Musk tweeted about the arrival of its limited edition “S3XY” shorts on Sunday afternoon.
He replied after the incident saying “Dang, we broke the website”.
Well you may ask, what has an innovative tech company like Tesla famed for electric cars, solar and clean energy got to do with selling shorts?
The launch of the limited edition short shorts was poking fun at the interesting history between Tesla and the critics that had long betted against the success of the company by short selling.
Short selling is an investment or trading strategy that speculates on the decline in a stock or other securities price. It is an advanced strategy that should only be undertaken by experienced traders and investors. … The investor then sells these borrowed shares to buyers willing to pay the market price….Investopedia
Last week Wednesday, Tesla displaced Toyota Motor Corp. as the world’s most valuable automaker, climbing as much as 3.5% in intraday trading, giving it a market capitalization of $207.2 billion, surpassing Toyota’s $201.9 billion. It became the world’s second-most valuable automaker in January 2020, when it surpassed Volkswagen AG.
Tesla’s share price were up 8 per cent to $1,207 last week Thursday, a more than fivefold increase from $230 about a year ago. The company’s shares are up 167 per cent year-to-date.
Tesla produced 103,000 vehicles in the first quarter and despite the coronavirus pandemic, it delivered 90,650 vehicles in the second quarter
Well if you are interested in the shorts, they are still available on the site at 69.420, a price that pokes fun at Elon Musk’s infamous 420 tweet
