Elon Musk takes dig at Tesla short sellers, unveils real 'short shorts'

Topics Elon Musk | Tesla | Markets

Musk has repeatedly joked about ''short shorts'' to short-sellers who have repeatedly borrowed the stock since they believed it was overvalued and then sell it immediately

In a dig at Tesla stock short sellers, its Founder and CEO Elon Musk has launched an exclusive line of 'short shorts on the automobile firm's website, three days after he joked that he would "make fabulous short shorts in radiant red satin with gold trim".

The shorts are available in five sizes with a reference to three Tesla cars - Model S3, X, Y printed at the back.

They cost $69.420, with the "420" being a reference to Musk's tweet about taking Tesla private at $420 a share, which has gotten him in a lot of trouble with the US Securities and Exchange Commission (SEC).

 

As part of the settlement, Musk had to step down as Tesla Chairman for a period of three years, besides a $20 million fine.

"Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times," Musk tweeted on Sunday.

"Celebrate summer with Tesla Short Shorts. Run like the wind or entertain like Liberace with our red satin and gold trim design. Relax poolside or lounge indoors year-round with our limited-edition Tesla Short Shorts, featuring our signature Tesla logo in front with "S3XY" across the back. Enjoy exceptional comfort from the closing bell," reads the product description on Tesla's website.

Musk has repeatedly joked about 'short shorts' to short-sellers who have repeatedly borrowed the stock since they believed it was overvalued and then sell it immediately.

Earlier, Tesla sold 'Flamethrowers' on behalf of 'Boring Company', raising $10 million after selling 20,000 units.

According to a report in MarketWatch, Tesla shares rose almost eight per cent to close at a record $1,208.66 last week, after the company announced it produced over 82,000 vehicles and delivered approximately 90,650 vehicles in the second quarter of this year.

--IANS

wh/na


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel