The 2023 fourth quarter earnings for right-wing, anti-Semitic megalomaniac and exploding car maker Elon Musk's Tesla fell a huge 40%, his company reported. The drop in earnings was much worse than expected on Wall Street. Musk's management of the social media platform "X", formerly and still universally known as Twitter, has suffered serious financial problems since Musk took over it some two years ago.
Musk tried to put a brave face on the earnings drop, saying "there's a lot to look forward to in 2024," which doesn't square with analysts, as Investors Business Daily reported:
"Ahead of earnings, analysts were not overly optimistic. TSLA stock has slumped to begin 2024 with the company continuing to cut vehicle prices — putting pressure on margins — as electric vehicle supply outstrips demand. The EV giant is also not expected to see profits grow in 2024 compared to 2022 levels.
Musk also recently threatened he needs more TSLA shares and voting power in order to make the EV giant an AI and robotics leader.
Tesla stock retreated 8.3% Thursday during premarket action. On Wednesday, TSLA erased early gains, closing off 0.6% to 207.83. Ahead of Thursday trade, the stock is down 2% on the week." (our emphasis)
Musk is the poster child for a control freak who thinks he's destined to rule the world, much like a fictional James Bond villain. He's learning that his politics and prejudices have spoiled his brands, even as he looks forward to the new year.
No comments:
Post a Comment