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TSLAQ
$TSLAQ
NicknameTESLAQ
Named afterTesla Ticker Symbol + "Q" which is the NASDAQ notation for bankruptcy
FormationOct. 7, 2015; 8 years ago (Oct. 7, 2015)
TypeAnti-Tesla, Networked advocacy, fraud deterrence, Pro-Shorting
OriginsTwitter
Region
International
Key people
Lawrence Fossi, @TESLAcharts, @Paul91701736, Martin Tripp
Websitehttps://www.tslaq.org

TSLAQ is a loosely-collected group of largely anonymous[1] individuals critical of Elon Musk and aspects of Tesla, Inc. who primarily organize on Twitter[2] and Reddit[3] in order to share news, openly discuss matters concerning the company and its stock, and coordinate efforts. Edward Niedermeyer, author of Ludicrous: The Unvarnished Story of Tesla Motors, establishes the doxxing of Lawrence Fossi, a Seeking Alpha writer and Tesla short seller, as "catalyz[ing] th[e] loose association of individuals... some of whom were pure financial speculators [...] and others who were motivated by factors other than money."[4] The group has been profiled in a web mini-documentary which included interviews with prominent members @TESLACharts and @Paul91701736.[5]

The group at times exchanges online verbal hostilities with Tesla fans[3], and Tesla officials such as CEO Elon Musk have actively engaged prominent members.[6] In the latest in a series of communications between the two, sarcastic open-letters were exchanged between Musk and CEO of Greenlight Capital David Einhorn (a noted Tesla bear whose company shorts $TSLA) in early November 2019, with Einhorn directly referencing a website from the TSLAQ community.[7]

Hothi Allegations & Crowdfunding

In April 2019, Tesla filed a lawsuit and a request for a restraining order against TSLAQ member, Randeep Hothi also known as @skabooshka. The allegations spanned two episodes:

1) In February 2019, Mr. Hothi was found sitting in his car in the Tesla Fremont Factory parking lot. Security ordered him to leave at which point Tesla alleges he exited at high speed and nearly struck an employee.
2) In a separate instance in April 2019, Mr. Hothi spotted a Tesla on the highway fitted with numerous camera systems and personnel in the car and he proceeded to film the vehicle believing it to be demonstrating and filming Tesla' s Autopilot capabilities. Tesla alleges that he drove erratically and dangerously.[8]

In response to the allegations, using GoFundMe, TSLAQ members led by Fossi ran a campaign for and contributed to the defense fund, which accrued in excess of US$100,000. The allegations and the request for a temporary restraining order against Hothi were eventually dropped by Tesla after the company refused to produce footage from within the test car to substantiate their claims. After reviewing the surveillance camera footage of Tesla parking lot from the day in question, Fremont police declined to press charges.[9]

Beliefs

Some members short Tesla stock as they believe it will lower in value in the future; Tesla was the most shorted stock in 2020, with over $14.3 billion in shorted share value at its peak.[10] As per Business Insider, members "exchange research, news articles, and sometimes outlandish conspiracy theories about the company" and "[are] betting on the company’s death and have found much success in irritating the billionaire executive."[11]

According to the LA Times, members believe Tesla is a fraudulent company and its stock will eventually crash. Their self-reported main goal is to "change the mind of Tesla stock bulls and the media." Claims against Elon Musk and Tesla include that Tesla has reached a cliff in demand, and that Tesla is distorting its sales numbers of cars.[2]

References

  1. ^ Kolodny, Lora (February 1, 2019). "Anonymous Tesla short sellers who fly over its parking lots taking pictures of cars have a new web site". CNBC. Retrieved November 7, 2019.
  2. ^ a b Mitchell, Russ (April 8, 2019). "Must Reads: The crowd-sourced, social media swarm that is betting Tesla will crash and burn". Los Angeles Times. Retrieved November 7, 2019.{{cite web}}: CS1 maint: url-status (link)
  3. ^ a b Katwalla, Amit (May 5, 2019). "Inside the obsessive Twitter turf war over Elon Musk's Tesla tweets". Wired. Retrieved December 19, 2019.{{cite news}}: CS1 maint: url-status (link)
  4. ^ Niedermeyer, Edward (2019). Ludicrous: The Unvarnished Story of Tesla Motors. BenBella Books, Incorporated. p. 125. ISBN 9781948836326.
  5. ^ "Tesla: Electric Noise". Real Vision. March 27, 2019. Retrieved January 16, 2020.{{cite web}}: CS1 maint: url-status (link)
  6. ^ Musk, Elon (June 17, 2018). "How big is your short position? Just curious". twitter.com/elonmusk. Retrieved September 7, 2019.
  7. ^ Palazzo, Anthony, Hull, Dana (November 11, 2019). "Short seller Einhorn accept's Musk's offer to tour Tesla facilities". Bloomberg. Retrieved December 4, 2019.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: url-status (link)
  8. ^ Lopez, Linette (July 22, 2019). "Tesla Drops Suit Against Shortseller". Business Insider. Retrieved February 2, 2020.{{cite web}}: CS1 maint: url-status (link)
  9. ^ O'Kane, Sean. "Tesla drops lawsuit against critic after judge asks for evidence". The Verge. Retrieved November 29, 2019.{{cite web}}: CS1 maint: url-status (link)
  10. ^ Reinicke, Carmen (January 16, 2020). "Tesla just became the most shorted stock in the US, again (TSLA)". Market Insider.{{cite web}}: CS1 maint: url-status (link)
  11. ^ Ungarino, Rebecca (April 17, 2019). "Inside Tesla Twitter". Market Insider. Retrieved December 9, 2019.{{cite web}}: CS1 maint: url-status (link)
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