The 1.1% drop added to first-quarter losses, leaving the Greenlight Capital funds down 22% this year, according to an investor update on Thursday viewed by Bloomberg…. He’s still trying to climb out of a hole that started with a 20% loss in 2015 and deepened with his worst decline ever three years later, when the main fund plunged 34%. With this year’s drop, he’d need to return about 93% to get back to where he was at the end of 2014.
But do you know what, guys? There’s more to life than making money, and certainly more to it than losing your investors nearly all of theirs over a five-plus year period. There’s also making your longtime rival and tormentor miserable at the same time he’s having another of his periodic ill-advised Twitter fits.
“I would call it forcibly imprisoning people in their homes against all their constitutional rights ... breaking people's freedoms in ways that are horrible and wrong and not why people came to America,” Musk said during a public call with analysts and investors after reporting first-quarter earnings results Wednesday afternoon, adding an expletive. “It will cause great harm, not just to Tesla, but to any company. And while Tesla will weather the storm, there are many small companies that will not.”
“If somebody wants to stay in their house, that's great,” Musk added. “They should be allowed to stay in the house, and they should not be compelled to leave. But to say that they cannot leave their house, and they will be arrested if they do, this is fascist. This is not democratic. This is not freedom.”
The remarks doubled down on Musk’s earlier calls to reopen businesses and operations after weeks of country-wide social distancing measures. Earlier Wednesday, Musk wrote on Twitter to “FREE AMERICA NOW.”
At least Musk didn’t personally pick up a gun and fly to Ann Arbor, but it still added up to a significant drop in Tesla shares that ended as a slight drop therein, because apparently we don’t need a functioning economy in America for stocks to hold or even increase their value. But it also had Mark Cuban rethinking some advice he gave Elon Musk a while back.
“Anything that negatively impacts Tesla, Elon hates, period, end of story,” Mark Cuban, the billionaire owner of the Dallas Mavericks, said on Fox News Wednesday. “You know, I don’t think he has other people’s interests at heart....”
“My attitude is you’ve got to be smart,” said Cuban, 61, who’s among the business leaders on the council advising President Donald Trump on reopening the U.S. economy. “We don’t have to rush back into things. We get to learn.”
Well, it seems that Cuban is the Musk whisperer, because given an opportunity to triple-down on his indignation on another conference call, this time with NASA regarding its relationship with his elaborate intergalactic murder operation SpaceX, Musk demurred.
Thursday afternoon, the SpaceX CEO unexpectedly spoke up during a NASA conference call after the agency’s administrator, Jim Bridenstine, was asked about Musk’s recent comments on the coronavirus pandemic….
“I think this is a different subject,” Musk said. “Wrong press conference, move on.”
Einhorn’s Greenlight Hedge Funds Deepen Slump With April Decline [Bloomberg]
Dow, S&P 500 end last session in April lower, but notch best monthly gains since 1987 [MarketWatch]
Tesla Declines After Einhorn Questions Musk’s Accounting [Bloomberg]
Tesla CEO Elon Musk lambasts ‘fascist’ coronavirus stay-in-place orders [Yahoo Finance]
Elon Musk’s Shutdown Rant Mocked by Mark Cuban, Embraced by Conservatives [Bloomberg]
Elon Musk interrupts NASA-SpaceX call during question about his coronavirus views: ‘Move on’ [CNBC]