Market Overview

Tesla Website Crashes As Musk Puts 'Short Shorts' On Sale

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Tesla Website Crashes As Musk Puts 'Short Shorts' On Sale

Tesla Inc (NASDAQ: TSLA) CEO Elon Musk announced Sunday that the automaker was selling a pair of red “short shorts” on its online store, which led to the item being sold off in minutes and the company’s retail website crashing.

What Happened

Musk took to Twitter to announce the sale of the short shorts.

The Tesla chief executive said the limited edition shorts were on sale for “only $69.420,” a thinly veiled reference to the $420 price point at which Musk had wanted to take the automaker private in 2018.

Minutes after the shorts went on sale, they were all sold out, and the Tesla online store became inaccessible. 

The shorts' product description mocks the short-sellers of Tesla stock. It reads, “Celebrate summer with Tesla Short Shorts. Run like the wind or entertain like Liberace with our red satin and gold trim design. Relax poolside or lounge indoors year-round with our limited-edition Tesla Short Shorts, featuring our signature Tesla logo in front with “S3XY” across the back. Enjoy exceptional comfort from the closing bell.”

Why It Matters

Musk had taunted both short-sellers and the Securities and Exchange Commission on Twitter last week promising that Tesla will “make fabulous short shorts in radiant red satin with gold trim,” and “will send some to the Shortseller Enrichment Commission to comfort them through these difficult time.”

Musk is taking a victory lap with a series of tweets against his supposed detractors as Tesla’s stock price surges. Last week, the company emerged as the world’s foremost automaker in terms of market cap. 

Last Thursday, Tesla announced it had delivered 90,650 cars in the second quarter, which is impressive considering the company’s factory at Fremont, California, remained shut during this period due to the ongoing pandemic.

Price Action

Tesla shares traded 0.38% higher at $1,213.20 in the after-hours session on Thursday. The shares had closed the regular session 7.95% higher at $1,208.66.

Image: Tesla.com

 

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