Elon Musk’s January Claims Of Model S/X Production Debunked By Tesla’s Own Q1 Delivery Disclosure
If there’s one thing you have to hand to Tesla short sellers, it is that they are incessant and relentless, even in the midst of getting their respective faces kicked in by Tesla equity over the last 24 months.
But as time passes, more and more critical questions and examples of potential red flags about Tesla continue to pop up, not the least of which is what can only be described as a glaring inaccuracy at best, fraud at worst, made by Elon Musk regarding the company’s Model S&X production earlier this year.
Short seller Mark Spiegel took to Twitter this weekend to point out what he called “the latest evidence Elon Musk is a securities fraud committing liar”.
THE LATEST EVIDENCE ELON MUSK IS A SECURITIES FRAUD-COMMITTING LIAR:
In January’s conference call he said the new S&X were “in production now & would be delivered in February”
— Stanphyl Capital (@StanphylCap) April 3, 2021
First, Spiegel points out that in the company’s January 2021 conference call, Musk is quoted as saying that the company’s new Model S and X vehicles were in production and would be delivered in February 2021. Musk’s exact quote was:
“Regarding the new Model S and X, we are launching the — we’re super excited to announce the new Model S and Model X are in production now and will be delivered in February. So we’ve been able to bring forward the Plaid, Model S and X. And Model S will be delivered in February and X a little later. The Model S Plaid, and we’re actually in production now, and we’ll be delivering next month.”
But when the company released its production and delivery numbers yesterday, which we documented at length here, their 8-K filed with the Securities and Exchange Commission clearly shows that no Model S or X vehicles were produced during the quarter.
“This is blatant fraud,” Spiegel Tweeted to @SEC_Enforcement. And while it does appear that Spiegel has a case, if regulatory past performance by the SEC versus Elon Musk is any indication of future results, we’re not sure that anyone will care or that Musk will face any real consquences.
The beat goes on…
Sun, 04/04/2021 – 18:00