Why is a Pair of Tesla Short Shorts Priced at $69.420? What Message is Elon Musk Trying to Convey?
Tesla selling short shorts is not surprising at all as the electric car manufacturer has even its own line of apparel available online from sweatshirts to activewear.
What's surprising is how quickly the latest fashion product sold out minutes after the product was released online prompting Elon Musk to tweet: "Dang, we broke the website." You can check out his tweet below.
Dang, we broke the website — Elon Musk (@elonmusk) July 5, 2020
But what makes this product interesting is the price it it selling for. You will notice it is priced at $69.420.
According Sebastian Tong from Bloomberg, he most likely notes it as a reference where $420 is the share price in which he planned to make the company private in 2018.
How Musk deals with his critics
He was later sued by the Securities and Exchange Commission (SEC) for tweeting such.
Short Shorts is a "great song," tweeted a playful Musk last week as shares of Tesla set all-time highs by surpassing $1200 a share as reported by Teslarati.
According to the website, Tesla wrote the description of the latest fashion product as: "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.
This latest move is a result from a playful jab spanning years between Tesla and the critics that have long betted against the success of the company by short selling.
Just last week, the Tesla founder tweeted that he was going to send the SEC a pair to comfort them in these trying times. You can check out the tweet below.
Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times — Elon Musk (@elonmusk) July 2, 2020
Years before the controversial Tesla short shorts came to be, Musk had apparently sent what appears to be regular short shorts to David Einhorn, the founder and president of Greenlight Capital as he is one of Musk's critics. You can see his appreciation below.
I want to thank @elonmusk for the shorts. He is a man of his word! They did come with some manufacturing defects. #tesla pic.twitter.com/qsYfO8cbkp — David Einhorn (@davidein) August 10, 2018
Timing of the Product Relase
The release of the product can perhaps signify that despite Tesla short-selling the company, it still manages to be profitable.
So until we hear Tesla's earning reports on July 22 or July 29 which is 2.5-3.5 weeks away fom now (which coincides with their delivery date for the shorts) after the closing bell for stock exchange day has been rung, we will soon know whether or not Tesla was able to achieve four profitable quarters in a row-a full year-for the first time in company history according to a report from The Street.
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