- Elon Musk appeared to mock the legendary investor Bill Miller for shorting Tesla stock in January.
- Miller said he bet against Tesla at the time because of increasing competition from other carmakers.
- Tesla's market value has surged about 116% since Miller cast his bearish calls.
Elon Musk poked fun at the legendary investor Bill Miller for shorting Tesla stock when it was less than half its current value.
In a tweet on Saturday, the Tesla and SpaceX chief replied with a laughing emoji in response to a CNBC interview in early January in which Miller said that he was betting against the electric-vehicle carmaker because of increased industry competition.
"I shorted it recently. I shorted more today. If it goes up, I'll short more," Miller said at the time.
"Tesla is now losing market share. They're cutting price. BYD is introducing a luxury version over in China. It's a phenomenal company, but it's not worth $380 billion, in my opinion," Miller told CNBC. "I just don't think it's worth more than the top five automakers in the world combined. And all of them are coming with electric vehicles."
Tesla's market cap currently stands at $774.6 billion. At the time of Miller's interview, the EV maker's market value was around $357 billion, showing the company's valuation has surged around 116% since. Its stock price was at $244.40 as of Friday's close.
The stock surge was fueled in part by investor hopes that the Federal Reserve would ease up on its interest-rate-hike campaign, alongside a pickup in demand for Tesla vehicles because of price cuts in the US and China.
The Wedbush analyst Dan Ives recently forecasted that Tesla's stock would soar 22% after the EV maker entered into deals that would allow both GM and Ford to use its charging network.
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June 12, 2023 at 07:02PM
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Elon Musk pokes fun at Bill Miller for shorting Tesla stock when it was lower - Markets Insider
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