Musk’s greatest skill is in raising capital, but in the past five years that new capital—in excess of $20 billion—has led to greater losses and a much, much more levered balance sheet for Tesla.
No value is being created for Tesla shareholders. It’s just a sea of red ink and constant dilution of shareholders and additions of new creditors.
Tesla stock’s massive plunge from last August's “funding secured” high of $387 per share only tells part of the story, however. According to market data supplier S3, Tesla has been the single most lucrative short in the entire U.S. stock market thus far in 2019.value at an alarming rate, not just shareholder value. I see absolutely nothing that will change Tesla’s value destructive ways, either. The end markets for Tesla’s products are clearly weakening.
The outlook is bleak for those who blindly follow Musk. Their blindness, however, is easily seen in their willingness to overlook Tesla’s history of value destruction. I believe a five-year period is the most relevant to judge any company. I compiled the figures at the end of this article from figures published in Tesla’s 2Q2019 10-Q and Tesla’s 2Q2014 10-Q. The conclusion is inescapable: It’s just not working for this company.
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