Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk thinks that Microsoft Corp. (NASDAQ:MSFT) co-founder Bill Gates should abandon his short position against the EV giant's stock.
‘Crazy' Short Position, Says Elon Musk
On Saturday, the Tesla Owners Silicon Valley handle on the social media platform X opined that Gates was covering his Tesla short position following news that the Bill Gates Foundation was dumping 65% of its Microsoft stock position for $8.8 billion.
Responding to the post, Musk shared his thoughts, calling on Gates to reconsider his short. "If Gates hasn't fully closed out the crazy short position he has held against Tesla for ~8 years," Musk said, adding that the billionaire philanthropist should do it "soon."
Bill Gates's Investments
The Gates Foundation Trust currently holds the majority of its investments in four companies: Microsoft, veteran investor Warren Buffett's Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK), Waste Management Inc. (NYSE:WM) and the Canadian National Railway Co. (NYSE:CNI). The four companies represent over 79% of Gates's investment portfolio.
Tesla Stock Decline, France Showroom Fire Incident
Meanwhile, Tesla’s stock was recently declining, reaching as low as $386.34 on Friday before its rebound, according to Benzinga Pro data.
Investor Gary Black, managing director of The Future Fund LLC, explained that the decline came from decreased EV demand in China and Europe, as well as trades made by Cathie Wood-led ARK Invest ETFs, which dumped millions of dollars worth of the EV giant's stock.
Elsewhere, a Tesla showroom outside the French city of Marseille recently experienced a fire incident as 24 Tesla vehicles burned down in the showroom's parking lot. Authorities have launched an investigation into the incident and are also suspecting arson as one of the reasons behind the fire.
Tesla scores well on Momentum and Quality metrics, while offering satisfactory Growth, but poor Value. Tesla also has a favorable price trend in the Short, Medium, and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
Price Action: TSLA rose 0.59% to $404.35 at the end of regular trading on Friday and surged 0.27% to $405.45 during the after-hours session.
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