'Watch out Tesla believers': Critics are piling on to warn the 300% stock rally will crash and burn
shares have surged about 300% in the past six months, hitting an all-time high of over $900 on Tuesday. Traders, analysts, and politicians are lining up to warn investors that the run up won't last.
"This is obviously a computer-generated rally, it's not a reflection on the company, or on valuation. It's just a trade," Andrew Left, the activist short seller behind Citron Research,"Yes, I'm shorting it ... whoever bought it at these prices has to flush it out, and when it flushes, it's going to flush hard," he added.
"This is an incredibly dangerous place to be buying the stock and I have no doubt it will end in tears for many people," trader and analyst Jani Ziedins wrote in a"Owning a stock that's tripled over the last few months is great, but don't mistake serendipity for skill," he continued."While the fools are spending all of their time daydreaming about what they will buy when the stock breaks $1,200, smart money is selling their stock to those greedy dreamers.
Even former presidential candidate Ralph Nader sounded the alarm, warning Tesla could take down the entire stock market. "When the stock market bubble implodes, it will have been started by the surge in Tesla shares beyond speculative zeal,"
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Here’s Why Tesla Stock Just Surged Past A Record $900 Per ShareI am a New York—based reporter for Forbes, covering breaking news—with a focus on financial topics. Previously, I've reported at Money Magazine, The Villager NYC, and The East Hampton Star. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter skleb1234 or email me at sklebnikovforbes.com
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