Danny Moses, one of the real prototypes of the movie "Big Short" and a well-known trader, recently stated that Tesla's stock price is moving towards a significant adjustment, and even with progress in "new technology", it is inevitable that the stock will soon experience a decline.
He predicts that Tesla's stock price will eventually drop to $50, a decrease of about 70% from the current $171. This is because he believes that whether it is the company's autonomous taxi or its ambition in artificial intelligence (AI), it can only cover up its faltering business prospects for a period of time.
Moses revealed his short selling of Tesla last year due to his disappointment with CEO Elon Musk's acquisition of X (formerly Twitter). In his view, this has weakened Musk's focus on Tesla, which is facing many unfavorable factors.
Since the beginning of this year, Tesla's stock price has fallen by nearly 31%. Musk's stock price briefly rebounded after emphasizing autonomous taxi and artificial intelligence plans during the first quarter earnings conference call, but Moses believes that these announcements have diverted attention from the company's fundamental flaws.
"He is currently firing many people, and their core business seems to be collapsing," he said. "So what is he doing? He's leading everyone towards robot taxis, artificial intelligence, autonomous driving, and so on."
Before the release of the first quarter results, many people on Wall Street also held a cautious attitude towards this electric vehicle company, citing unstable delivery volumes and a bleak industry outlook.
Moses pointed out that the unfavorable factors are not limited to Tesla's performance, and Tesla is currently facing an investigation by the US Department of Justice to determine whether Tesla has misled consumers and investors about its autonomous driving capabilities.
"As time goes by, their core business is facing pressure, and I believe that this shift towards robotic taxis and artificial intelligence will disappear over time. Therefore, the market value of $150 billion calculated at $50 is a reasonable estimate in my opinion."
Although Moses shorted Tesla, he is optimistic about another British autonomous driving startup called Wave. The company recently received $1 billion in investments from major investors such as Nvidia and Bill Gates.