First of all this is not shorting. It is just good old fashioned selling by people that are figuring out they have been had. The IPO was pumped out of orbit in order to maximize the coin for Telsa. This is just a reality check you are seeing now.
Second, what innovation? It is a 'Kit car' outfit. So they build it on a golf cart with a high priced battery and that is innovation?
Third, they had to go public. They have always lost money and they were out of money. Going public is just a way to have someone else pay the bills.
true, i called this short 2nd day after ipo at $30. $30 is just ridiculous for a company that has no profits and few buyers. i believe the wealthy CEO was just looking to recoup some of the money he and his friends and family had dumped into this project over the years. that's what an ipo is for, to move the losses from your pocket to the stockholders. i believe this will be a penny stock (under $5) faster than a tesla runs out of juice....