this post was submitted on 06 Sep 2024
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[Dormant] Electric Vehicles
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I sold the rest of my shares when the robotaxi was announced. Any FSD owner knows that’s laughable. The stock was in a slump and this boost was my cue to exit, stage left. The company has completely lost its way and is now a piggy bank for a fascist. I couldn’t in good conscience keep this company in my portfolio.
It’s gonna sting come tax time, but that means Tesla has made me a lot of money. Thanks Tesla, we had a great thing going but you will collapse under your hubris.
I took part of my proceeds and Yolo’d it at Rivian. Like Tesla years ago, it’s a diluted stock for a company with a good bit of cash, in a battle against time to produce a mass-market desirable car. They seem to have that with the R2 (I have a reservation) and I hope they can pull off the insanely difficult task of scaling successfully. The stock will either go to the moon or zero. The bet has much more upside than downside in my opinion. Also, their CEO hasn’t turned fully evil (yet).
Rivian will probably be bought out by a larger company if they fail to scale, so that going zero possibility seems low.
They could also go bankrupt and then get bought up so your stock will be worthless. Would be hardly the first time this happened.
Bankruptcy (chapter 11) doesn't mean the company goes out of business, or that the share price goes to zero. It means they renegotiate debts, after presenting a plan describing how they'll be able to pay those renegotiated debts. If those debts can not be renegotiated, the company can not present a plan that offers paying them off, or the court rejects any part of the plan, then the company's assets may be liquidated to pay any outstanding debts.
Being bought out would likely come before any of this, which again means the stock wouldn't be worthless.
I'm saying that scenario has a low probability
Your guess is as good as mine.
Which time? Because that's been announced multiple times a year since 2014.
Fair question. I meant the most recent one, which is supposedly a purpose-built machine. Other times it was just “you’ll be able to make your Tesla earn money for you by driving around by itself”. This time I expect them to trot out some cyber-looking box with no motor, break a couple windows, and claim it’ll be on the street in a month.
You haven't paid attention long enough. They have talked about a purpose built vehicle multiple times, they've talked about owners operating vehicles in a pool, they've talked about Tesla owning and operating vehicles, none of this is new. They've lied about this for a decade, but for whatever reason people keep believing.
I'm glad you see the con for what it is.