{"id":125978,"date":"2020-12-04T02:22:21","date_gmt":"2020-12-03T23:22:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/jim-chanos-shrinks-tesla-short-praises-elon-musk\/"},"modified":"2020-12-04T02:22:21","modified_gmt":"2020-12-03T23:22:21","slug":"jim-chanos-shrinks-tesla-short-praises-elon-musk","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/jim-chanos-shrinks-tesla-short-praises-elon-musk\/","title":{"rendered":"#Jim Chanos shrinks Tesla short, praises Elon Musk"},"content":{"rendered":"

“#Jim Chanos shrinks Tesla short, praises Elon Musk<\/strong>”
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Five years into his crusade against Tesla\u2019s stock price, Jim Chanos is licking his wounds \u2014 and finally tipping his hat to Elon Musk.<\/p>\n

The 63-year-old short seller admitted on Thursday he has slashed the size of his bet against the electric car company near the end of a year in which its stock has surged nearly 600 percent, making it the most valuable automaker in the world with a market capitalization of $562 billion.<\/p>\n

Data from August compiled by S3 Partners showed that Tesla short sellers lost more than $25 billion combined betting against Musk and his cars in 2020. Tesla\u2019s stock is up almost 20 percent since then.<\/p>\n

\u201cIt\u2019s been painful, clearly,\u201d an understated Chanos told Bloomberg on Thursday.<\/p>\n

News<\/a> of Chanos\u2019 long-awaited capitulation sent tongues wagging across Wall Street.<\/p>\n

\u201cIt\u2019s about time!\u201d exclaimed a rival hedge fund manager. \u201cShorting something that\u2019s up big will hurt you big. Shorting something up 600 percent will f\u2013king kill you.\u201d<\/p>\n

Chanos, president and founder of New York hedge fund Kynikos Associates, is Musk\u2019s loudest and longest-tenured critic, having called Tesla \u201ca walking insolvency\u201d as far back as 2016. He has been a steady gadfly for Musk, throwing barbs in his investor letters, media app<\/a>earances and thinly-veiled Twitter<\/a> persona @WallStCynic. <\/p>\n

Using that account, Chanos responded to a Musk tweet updating progress on Tesla\u2019s notoriously-delayed autonomous driving program by replying sarcastically, \u201cAs your attorney, I advise you to stop speaking immediately.\u201d<\/p>\n

Musk, meanwhile, has consistently taunted Tesla short sellers, telling his own young children during a January 2019 Rolling Stone interview that investors taking a short position on Tesla are \u201cjerks who want us to die.\u201d<\/p>\n

Another major hedgie who has gotten hurt shorting Tesla is David Einhorn. Having predicted Musk\u2019s downfall for years, he instead saw his Greenlight fund lose 34 percent in 2018 with Tesla causing much of the pain. Musk famously sent Einhorn a pair of shorts in the mail during one of their online arguments in August of that year.<\/p>\n

Nevertheless, it\u2019s Chanos who has been Musk\u2019s arch-nemesis when it comes to short sellers. In November 2019, Musk tweeted, \u201cSo many reporters gave Chanos airtime when he called Tesla a worthless fraud. Now that he has been proven wrong, silence\u2026\u201d<\/p>\n

While Chanos remains short Tesla stock, according to his interview with Bloomberg the position is well below 5 percent of his portfolio at Kynikos. And while he tweeted mockingly about the car company\u2019s still-delayed \u201cfull service driving\u201d program as recently as Wednesday, he showed he is willing to back off when push comes to shove.<\/p>\n

Chanos reiterated his belief on Thursday that Tesla is more of a cult of personality built around Musk than a long-term profitable manufacturer of cars. But when asked by Bloomberg what he would say to Musk if the two ever met in person, Chanos replied dryly, \u201cI\u2019d say, \u2018Job well done so far.\u2019\u201d<\/p>\n

Tesla shares on Thursday rose 4.3 percent to close at $593.38.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Jim Chanos shrinks Tesla short, praises Elon Musk” Five years into his crusade against Tesla\u2019s stock price, Jim Chanos is licking his wounds \u2014 and finally tipping his hat to Elon Musk. The 63-year-old short seller admitted on Thursday he has slashed the size of his bet against the electric car company near the end…<\/p>\n","protected":false},"author":1,"featured_media":125979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/12\/chanos-musk.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[82534,39394,71070,82637,70463,36402],"class_list":["post-125978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-3-20","tag-elon-musk","tag-hedge-funds","tag-jim-chanos","tag-short-seller","tag-tesla"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/125978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=125978"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/125978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/125979"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=125978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=125978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=125978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}