Tesla Bonds Collapse, Stock Drops Below $200
Tesla, as we’ve said many times in this space, was built on crony capitalism. It survives in large part thanks to taxpayer financed crony capitalism. Its survival is increasingly in doubt.
Tesla shares look as if they are about to spontaneously combust in pre-market trading, set to plummet below $200 for the first time in three years, after Wedbush published a research report saying that the company faces a “Kilimanjaro-like uphill climb” to hit its profitability goals for the second half of the year, according to Bloomberg. In the Sunday report, analyst Dan Ives also slashed his price target from $275 to $230 and calling the company’s current state of affairs a “code red situation”.