Driving off a Cliff: the case against tesla
Z/s/E'K&&>/&&
d,^'/E^dd^>
Auburn University
The Doomsday Short Sellers
Blake Martin Caroline Clothiaux
Peter Lund
d>K&KEdEd^
&RQWHQWV
7KHVLV2YHUYLHZ ____________________________________________________________ 3DWKWR%DQNUXSWF\ __________________________________________________________ 7KH0RGHO3LSHGUHDP ______________________________________________________
2LO _____________________________________________________________________ &RPSHWLWLYH/DQGVFDSH _____________________________________________________ &KLQD __________________________________________________________________ *RYHUQPHQW3XVKEDFN_____________________________________________________ $SSHQGL[ _________________________________________________________________ 7HVOD?V1HDU'HDWK([SHULHQFH)< $XWR%DLORXW _________________________ )LQDQFLDO0RGHOV _________________________________________________________ %UHQW2LO)XWXUHV&0( ___________________________________________________ &RQWDFW,QIRUPDWLRQ ______________________________________________________ ,QVWLWXWLRQ,QIRUPDWLRQ ____________________________________________________
7+(6,629(59,(:
7KHVLV2YHUYLHZ
7HVOD0RWRUVKDVULGGHQLWVVWDWXVDVD?JURZWKFRPSDQ\?WRDSSUHFLDWHLWVVWRFNSULFHPRUHWKDQ VLQFH7KHFRPSDQ\OHGE\WKHFKDULVPDWLFYLVLRQDU\(ORQ0XVNFDSWXUHGWKHLPDJLQDWLRQVRI WKHSXEOLFDQGDQDO\VWVDVSULFHWDUJHWVFOLPEHGKLJKHU %XWXQGHUQHDWKWKHDWWUDFWLYHIDo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
1KWWSZZZWKHVWUHHWFRPVWRU\WHVODPRWRUVWVODHDUQLQJVUHSRUWTFRQIHUHQFHFDOOWUDQVFULSWKWPO 2KWWSZZZEORRPEHUJFRPEZDUWLFOHVHORQPXVNWKHVWFHQWXU\LQGXVWULDOLVWS 3KWWSZZZEORRPEHUJFRPEZDUWLFOHVWHVODSD\VRIILWVPLOOLRQORVHUORDQ
3DJH
7+(6,629(59,(:
7HVOD?VXQUHDOLVWLFJURZWKWDUJHWVDUHLQIODWHGE\RYHUO\URV\DVVXPSWLRQVDQGWKHSULGHIXOFRQYLFWLRQ RIWKHLU&(2WKDWWKHFRPSDQ\ZLOOFKDQJHWKHZRUOGZLWKLWVDXWRPRELOH,QWKLVGRFXPHQWZHZLOO OD\ RXW UHDVRQV ZK\ WKH FRPSDQ\ ZLOO IDOO IDU VKRUW RI LWV JURZWK ILJXUHV SUHVHQWLQJ D PXFK PRUH UHDOLVWLF DQG VWDUN YLHZ RI WKH FRPSDQ\?V IXWXUH WKDQ WKH XWRSLDQ SLFWXUH SDLQWHG E\ FRPSDQ\ PDQDJHPHQWDQGDIDZQLQJSUHVV 7HVODPRGHOVDUHIXQWRGULYHKLJKTXDOLW\DQGZRUWK\RIWKHKLJKSUDLVHWKH\UHFHLYH:HZLVKWKH VDPHFRXOGEHVDLGDERXWWKHFRPSDQ\
3DJH
3$7+72%$1.5837&<
3DWKWR%DQNUXSWF\
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
$V 7HVOD EHJLQV LWV PXOWL\HDU FDSLWDO H[SHQGLWXUH H[SDQVLRQ WKH FRPSDQ\ SODQV WR LQYHVW 5 ELOOLRQ LQ WR H[SDQG SURGXFWLRQ FDSDELOLWLHV )XQGLQJ IRU WKLV H[SDQVLRQ ZLOO FRPH GLUHFWO\ IURP FDVK RQ KDQG ZKLFK &(2 0XVN KDV DOUHDG\ DQQRXQFHG ZRXOG FRPH GLUHFWO\ IURP RSHUDWLQJ FDVK IORZV ZLWKRXW GLOXWLRQRIVKDUHV6+RZHYHUHYHQXVLQJWKHFRPSDQ\?VRYHUO\RSWLPLVWLFHVWLPDWHVIRU(%,7'$WKH FRPSDQ\ ZLOO QRW EH FDVKIORZ SRVLWLYH XQWLO DW OHDVW XQGHU WKH EXUGHQ RI FDSLWDO H[SHQGLWXUH VSHQGLQJ)RUQRZWKHGHILFLWZLOOEHFRPSHQVDWHGIRUE\XVLQJWKHFRPSDQ\?VFDVKEDODQFH
4KWWSPRQH\FQQFRPLQYHVWLQJWHVODRLOSULFHVLQGH[KWPO 5KWWSZZZEXVLQHVVLQVLGHUFRPWHVODFDSH[VSHQGLQJ 6KWWSZZZWKHVWUHHWFRPVWRU\WHVODPRWRUVWVODHDUQLQJVUHSRUWTFRQIHUHQFHFDOOWUDQVFULSWKWPO
3DJH
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- electric cars such as the tesla model 3 help reduce
- liability of tesla s autopilot system under california
- cars most reliable new cars automotive news
- self driving cars reducing human error
- driving off a cliff the case against tesla
- charging the future challenges and opportunities for
- tesla motors preston mcafee
- tesla crisis media relations case study
- tesla a successful entrepreneurship strategy
Related searches
- formula for paying off a loan
- how to start off a research essay
- the case against evolution
- the plot against america characters
- the case against socialism reviews
- the plot against america tv
- the plot against america movie
- the plot against america book
- the plot against america tv show
- the plot against america film
- the plot against america documentary
- the war against america hbo