Tesla
shares
are
still
vulnerable
to
a
big
decline
ahead,
according
to
investor
Danny
Moses
of
“The
Big
Short”
fame
.
Even
with
the
electric-vehicle
maker’s
stock
down
32%
so
far
this
year,
Moses
is
sticking
with
his
Tesla
short.
“Everything
is
kind
of
falling
apart
in
their
core
business,”
the
Moses
Ventures
founder
told
CNBC’s
”
Fast
Money
” on
Thursday.
“He’s
pointing
everybody
to
robotaxis
and
AI
and
autonomy,”
he
added,
referring
to
CEO
Elon
Musk.
Moses
lists
Musk’s
decision
to
cut
more
than
10%
of
the
company’s
global
workforce,
a
recent
Reuters
report
about
a
Tesla
securities
and
wire
fraud
investigation
,
and
uncertainty
surrounding
the
robotaxi
as
downside
risks.
The
robotaxi’s
unveiling
is
set
for
August
8.
“This
move
to
own
it
for
robotaxis
and
AI
is
going
to
fade
over
time.
So,
$150
billion
market
cap
at
$50?
Seems
like
a
reasonable
valuation
to
me,”
he
said.
Tesla
closed
lower
by
2%
on
Friday,
ending
at
$168.47.
Moses,
who
is
known
for
successfully
betting
against
the
housing
market
before
its
2008
implosion,
had
the
$50
short
on
Tesla
last
November,
too.
He
called
Tesla
his
number
one
short.
“It’s
really
become
a
‘show
me’
story
in
terms
of
if
it’s
an
auto
company,
and
I
think
people
are
going
to
start
to
lose
patience
over
time
here
for
what
the
company
is
going
to
be,”
he
said
on
“Fast
Money”
in
November
.
Moses
expects
Wayve,
an
autonomous
driving
company,
to
emerge
as
a
serious
competitor
to
Tesla.
“They
are
using
autonomy
right
now
for
driving
in
cities,”
he
said.
Wayve
announced
last
week
it
raised
more
than
$1
billion
to
develop
automated
driving
products.
Major
investors
include
Nvidia
,
Microsoft
and
SoftBank
.
Moses
also
has
stake
in
Wayve
through
a
venture
capital
fund.
“I
don’t
think
people
paid
attention
to
that
enough,”
Moses
said,
Tesla
shares
fell
7%
last
week.
CNBC’s
Anna
Gleason
contributed
to
this
article.
Disclaimer