Tesla stock lost 15.4 percent of its value today. Twitter was down for three separate long stretches. Hey, at least Elon Musk didn’t also have to deal with another one of his rockets blowing up over the Gulf of Mexico.
“With great difficulty,” was how Musk answered Fox Business squawker Larry Kudlow, who’d posed the softball question, against the backdrop of Musk’s work with his DOGE passion project – “How are you running your other businesses?”
The more accurate answer would have been: “into the ground.”
ICYMI
Tesla, the primary source of Musk’s paper net worth, closed on Monday at $222.15 per share, down 53.7 percent from its high-water mark, $479.86 per share, back on Dec. 17, less than three months ago.
Musk’s paper worth suffered a $29 billion hit today, and he’s down $121.2 billion in paper value since Dec. 17.
I keep referring to his net worth as paper worth, and the reason I’m doing that is, it’s not real money – so much of Musk’s net worth is tied to his holdings in Tesla stock, which is falling into a black hole, that some analysts are starting to speculate that his debt load might be getting close to worrisome.
Which is why it matters that Tesla sales are also cratering, both in the U.S. and worldwide, as the population of people in the market for EVs that will have nothing to do with Musk’s “swastikars” grows exponentially.
We might not be that far off from seeing Elon’s picture on the back of a milk carton, is what I’m getting at.
ICYMI
The three Monday Twitter outages are more just embarrassing than meaningful for the fake rich guy, who, predictably, took to his app, once the one IT guy left in the building finally got it back up and running, to blame a cyberattack “originating in the Ukraine area.”
The more accurate answer was what he said before landing on Ukraine: “we’re not sure what exactly happened.”
I dunno, maybe it was the chainsaw that he took to the Twitter workforce when he dramatically overpaid $44 billion for the perennial money-loser back in 2022.
It wasn’t even a secret among those in the know that Musk’s real genius wasn’t in business innovation or even knowing the basics of how to read a balance sheet, but rather, his ability to reel in billions of dollars in free government money to fund his EVs that catch fire and rockets that, fortunately, at least blow up over open waters, and not residential neighborhoods.
That’s the guy that Donald Trump has leading up his effort to make government more efficient: a billionaire welfare recipient who is a few weeks away from going belly up.
Still wondering why this Elon Musk guy hasn’t taken that chainsaw to any of his government contracts?
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Chris Graham
