Posted on 02/09/2021 9:51:14 AM PST by jdsteel
First, though I am not a Tesla or Musk "hater", their P/E is currently 1,324 and they are thought to maybe have their very first calendar year of showing a profit in 2021. The current price of their stock is beyond speculative. So far people have made fantastic profits from investing in this company, but I don't think that makes it any less insane.
Then, they add Bitcoin in the mix, which is a non-regulated cybersecurity made of used electricity. We are living in crazy times.
Tesla has never made a dime selling cars...
I would counter that this is the guy who managed to get rockets to land by themselves. (I know HE didn’t design the system, but he enabled the vision to be realized.)
I don’t like how he tweets markets into a frenzy. But now that his company owns bitcoin, he won’t be able to do that. Not sure what he messes with next.
The guy is a kook, but he gets stuff done.
If I can’t hold it in my hand, I don’t want it.................
What’s so hard to believe? Tesla will soon make every new car sold in the world for the next two decades and every other carmaker will disappear. Yeah. It could happen! LOL.
Why is there a question about cryptocurrency on this year’s tax return? I saw it while doing my daughter’s tax return using Turbo Tax.
Reminds me of the story about the fishing tackle salesman.
There was a Fishing Tackle salesman hawking his wares at the county fair.
Rods, reels and artificial baits of all kinds.
Some really beautiful fly fishing hand tied flies were especially prominent.
“Do the fish really like them?” One prospect asked.
“I don’t know, I don’t sell them to fish.” replied the salesman................
The law of gravity
“Tesla has never made a dime selling cars...”
They’ve had quarters where they showed a profit, and the thought is in 2021 they will string 4 of them together.
Certainly worthy of a bigger market capitalization than Ford & GM combined.
/sarc
I believe the profits were from selling carbon credits or some other such thing...
zero profits from selling cars…..
Remember the Wright brothers? Nobody flies Wright airplanes these days.
“I would counter that this is the guy who managed to get rockets to land by themselves.”
As I said, I’m not a Musk hater. I am an avid fan of SpaceX. Even with their recent failures to get rockets to land by themselves.
I can also recognize that the stock price of TSLA is not based on reality, and that Bitcoin is even more speculative.
I have heard this myself and I don't see why we would be compelled to answer. I think my answer will be nunya.
Reporting income correctly and paying the tax should be our only obligation.
“Why is there a question about cryptocurrency on this year’s tax return?”
Why do you think? The IRS isn’t fond of unreported gains.
I’ve always considered Elon Musk a modern day Howard Hughes. Half genius, half circus huckster
I may buy a Tesla, but my first choice is a DeLorean. I just can’t fine their dealership.
That’s a really good analogy. Me too.
Agreed on the market cap being crazy high. Do consider that most first world countries are moving toward mandating EVs, and Tesla is way ahead in both actual viable vehicles and factories to build them affordable at scale. P/E may make more sense with that taken into account (can’t criticize P/E when major startup is just breaking even, it’s about where they’ll be when stable).
I sure would hate to be one of those people who bought
Bitcoin at around 20,000 back in 2017. A lot of them rode it down to 6000 or so hoping it would come back, but finally sold so they could have “something”. Many mortgaged their homes, maxed out credit cards to buy it back then. What a feeling it must be for them to see it hovering around 50 grand now. Brutal !
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