Monday, July 27, 2020 11:46:36 PM
‘Trouble’s coming,’ warns short-selling legend who just cashed in a roughly $100 million winning bet
https://www.marketwatch.com/story/troubles-coming-warns-short-selling-legend-who-just-cashed-in-a-roughly-100-winning-bet-2020-07-27?mod=home-page
That’s legendary short seller Jim Chanos, fresh off a $100 million win, casting gloom over the current state of the stock market in a recent interview with the Financial Times.
Chanos, who once made a killing by shorting Enron and aims to make another one with his bearish bet against Tesla TSLA, +8.65%, just earned nine-figures by shorting Wirecard ahead of its collapse, according to sources cited in the FT story.
Of the big Wirecard win, he said “it’s bittersweet. because short sellers put up with weeks and months of misery, and you feel good for hours and days.”
Speaking of misery, his Tesla short is a mess, but Chanos, with $1.5 billion in assets under management, still maintains he’s got a winner on his hands.
“Elon Musk has personified the hopes and dreams of this bull market,” Chanos said, adding that Tesla has “a culture of deception” and it “burnishes its results through aggressive accounting.”
He claimed we’re in a “golden age of fraud,” describing the current market climate as rife with euphoria, FOMO and Trumpian “post-truth” politics — “a really fertile field for people to play fast and loose with the truth, and for corporate wrongdoers to get away with it for a long time,” he said.
TSLA stock short sellers
https://marketrealist.com/2020/07/tesla-takes-dig-short-sellers-einhorn-chanos/
Tesla has always had a challenging relationship with short sellers. Jim Chanos and David Einhorn are among the company’s most well known short sellers. Last year, Elon Musk and David Einhorn were involved in an online brawl. Einhorn taunted Musk about Tesla’s struggling solar business. Earlier this year, Einhorn questioned Tesla’s accounting policies. He wasn’t the first person to question the company’s accounting policies.
David Einhorn and Jim Chanos
Earlier in 2020, Jim Chanos said that he’s “maximum short” on the stock. Einhorn’s Greenlight Capital also added TSLA puts in the first quarter. However, TSLA stock short sellers have lost billions this year betting against the company. After the stock surpassed $1,200 on July 3, Musk took another dig at short sellers.
Tesla short shorts
Tesla launched limited-edition short shorts, which sold out quickly. At the time of writing this article, only the XL size was available for sale. Even though the shorts are an apparent dig against the short sellers, the company made it even more obvious in its communication. The company said, “Tesla Short Shorts, featuring our signature Tesla logo in front with ‘S3XY’ across the back. Enjoy exceptional comfort from the closing bell.”
https://www.marketwatch.com/story/troubles-coming-warns-short-selling-legend-who-just-cashed-in-a-roughly-100-winning-bet-2020-07-27?mod=home-page
That’s legendary short seller Jim Chanos, fresh off a $100 million win, casting gloom over the current state of the stock market in a recent interview with the Financial Times.
Chanos, who once made a killing by shorting Enron and aims to make another one with his bearish bet against Tesla TSLA, +8.65%, just earned nine-figures by shorting Wirecard ahead of its collapse, according to sources cited in the FT story.
Of the big Wirecard win, he said “it’s bittersweet. because short sellers put up with weeks and months of misery, and you feel good for hours and days.”
Speaking of misery, his Tesla short is a mess, but Chanos, with $1.5 billion in assets under management, still maintains he’s got a winner on his hands.
“Elon Musk has personified the hopes and dreams of this bull market,” Chanos said, adding that Tesla has “a culture of deception” and it “burnishes its results through aggressive accounting.”
He claimed we’re in a “golden age of fraud,” describing the current market climate as rife with euphoria, FOMO and Trumpian “post-truth” politics — “a really fertile field for people to play fast and loose with the truth, and for corporate wrongdoers to get away with it for a long time,” he said.
TSLA stock short sellers
https://marketrealist.com/2020/07/tesla-takes-dig-short-sellers-einhorn-chanos/
Tesla has always had a challenging relationship with short sellers. Jim Chanos and David Einhorn are among the company’s most well known short sellers. Last year, Elon Musk and David Einhorn were involved in an online brawl. Einhorn taunted Musk about Tesla’s struggling solar business. Earlier this year, Einhorn questioned Tesla’s accounting policies. He wasn’t the first person to question the company’s accounting policies.
David Einhorn and Jim Chanos
Earlier in 2020, Jim Chanos said that he’s “maximum short” on the stock. Einhorn’s Greenlight Capital also added TSLA puts in the first quarter. However, TSLA stock short sellers have lost billions this year betting against the company. After the stock surpassed $1,200 on July 3, Musk took another dig at short sellers.
Tesla short shorts
Tesla launched limited-edition short shorts, which sold out quickly. At the time of writing this article, only the XL size was available for sale. Even though the shorts are an apparent dig against the short sellers, the company made it even more obvious in its communication. The company said, “Tesla Short Shorts, featuring our signature Tesla logo in front with ‘S3XY’ across the back. Enjoy exceptional comfort from the closing bell.”
My post is for Your Eyes only and my entertainment
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