‘I Began Just Losing Money Every Day’

Illustration: Cold War Steve Even in the normal course of investing, shorting a stock is mentally ruinous. For those betting against Tesla Inc., Elon Musk is an especially maddening adversary. The case that his company is overvalued has seemed at many points to be bulletproof, only for the shares to rise to unimaginable highs. Recently, New York convened several prominent Tesla shorts, along with one bearish analyst, for a group commiseration session over Zoom.

Andrew Left: [Holding up a pair of short shorts that Musk once sold to taunt Wall Street] I bought these on the website when they came out. I have like five pairs. It says “Tesla” here, and on the back it says “S3XY.” Why does Musk even give a shit about shorts? I mean, why would he take the time to make short shorts?

Doug Kass, Seabreeze Partners Management: But this cultlike status, we’ve never seen anything like it. Elon Musk is our generation’s P.T. Barnum, and remember what he said: “There’s a sucker born every minute.” Ultimately, the iconic figure self-destructs. And we’re not suggesting that Elon Musk is a fraud, but —Mark Spiegel: We are! I’m suggesting it!

Gordon Johnson: The deception-slash-lies — it causes real losses for grandmas and grandpas, ordinary investors. It’s infuriating. Mark Spiegel: This thing had the most massive margin for error of any short I ever put on, and then it went up 25 times.

jenwieczner That was a fascinating read. The short sellers are betting against the ideology EM embodies and deploys; a fluid adversary. Were I more mercenary, I'd teach Zizek's 'Sublime Object' as battle strategy to this class of, well, mercenaries.

jenwieczner Andrew “I’ve never been this wrong” Left vs. Mark “Shorts have his number” Spiegel

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