Elon Musk reacted with a pointed taunt as an anti-Tesla Inc. TSLA exchange-traded fund (ETF) shut down amid significant losses.
What Happened: Responding to a Tesla enthusiast’s post on X, formerly known as Twitter, Musk targeted short-sellers who bet against his electric vehicle empire.
The tech billionaire questioned their persistence in betting against Tesla despite repeated setbacks. “I mean, how many times do they want to do this!?”
The focus of Musk’s mockery was an anti-Tesla ETF known for its distinctive “NOPE” branding.
Managed by George Noble, this fund was designed to challenge traditional investment strategies, advocating for a contrarian approach that emphasizes on careful valuation analysis and avoids asset bubbles.
However, the market’s twists and turns proved detrimental to the fund’s performance, and it will stop trading on Aug. 24.
According to the report, with the S&P 500 boasting a rise of over 20% during the year, the “NOPE” fund struggled to keep up, experiencing an astonishing 69% decline in value within a year.
Noble has a history of successfully managing mutual funds. He launched the “NOPE” fund in late September 2022 and took a bold stance, adopting long positions in oil and gas stocks while reportedly shorting not only Tesla but also prominent companies like Coinbase Global, DraftKings, Roku, and ARK Innovation ETF.
Why It’s Important: This isn’t the first time the Tesla CEO has commented on stock market volatility.
Earlier this year, ahead of the second-quarter delivery report, Musk warned shareholders, cautioning them to navigate the treacherous waters of “margin loans” and market mania with utmost care.
Read Next: Tesla Wins Trademark Battle In China, But It’s Not Related To Electric Vehicles
Photo by Frederic Legrand – COMEO on Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
