Not hard to believe, dropping from EV/EBITDA multiple of 110x to auto median multiple of roughly 10x. Take last earnings report with a grain of salt. Recognizing deferred revenue balances after model 3 deliveries + Chinese orders front running tariffs gave Tesla a short term boost in earnings, but I believe this is most likely a one off event. I expect Tesla to continue cash burn in their Q4 report as they build inventory and pay down maturing convertible notes of roughly $1.3B. High beta, growth oriented stocks also perform the worst when GDP and CPI decelerates. Take heed.
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Opened short position on 12/07/18 @ $378.50 per share
