Why One Hedge Fund Thinks Tesla Is Worth $0: The Full Presentation

With Elon Musk's public behavior becoming increasingly erratic, irrational and bizarre - just over the weekend trolling Warren Buffett that he is "super serious" about attacking Berkshire's Candy moat, just hours after he threatened Tesla shorts with "unreal carnage" in a tweet that some have alleged is a violation of securities laws - the Tesla bears have been getting increasingly more vocal.

And it's not just Jim Chanos: while the famous Enron nemesis remains certain that Elon Musk's resignation and Tesla's doom  are just a matter of time, others have been increasingly aggressive about their skepticism, so much so that Tesla is now the most shorted stock in the US market, much to Elon's volatile chagrin.

Yet while most shorts believe there is at least some value in Elon Musk's car company, Mark Spiegel of Stanphyl Capital Management is convinced that when the dust settles, Tesla will be "a zero" (whether or not Musk will be "bankwupt" is another matter). He made this clear rather early on, in fact on the front cover, of his 156 page slideshows that he delivered at the Kase Learning short selling conference.

While we present the whole powerpoint below, here is the exec summary and some of the bigger picture observations:

3 Broad Reasons Why The Equity in Tesla Is Worth “Zero”

1. Tesla’s financials are horrible and worsening even BEFORE massive competition begins arriving later this year
2. Tesla has no “moat” of any kind and in fact now possesses trailing technology in all facets of its business
3. A “bet on Elon” is a bet on someone who can’t be trusted -he has a long track record of making hugely misleading statements

A snapshot of the company's current financials:

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