- David Einhorn of Greenlight Capital again called out Tesla on Twitter Thursday.
- Einhorn has repeatedly asked questions on Tesla’s accounting practices, specifically accounts receivable.
- Tesla stock fell as much as 3% Thursday, erasing a 9% post-earnings gain from earlier in the day.
- Watch Tesla trade live on Markets Insider.
- Read more on Business Insider.
David Einhorn of Greenlight Capital has again taken to Twitter to call out Tesla’s accounting practices in a message directed at CEO Elon Musk.
“Dear Elon, I guess the offer of a factory tour was never serious,” Einhorn, a long-time Tesla bull and short-seller, tweeted Thursday. “I remain curious about your accounts receivable.”
Shares of Tesla pared gains from earlier in the day and traded down as much as 3% following Einhorn’s comments.
It’s the latest in the drama between the short-seller and the automaker’s CEO. In November, Einhorn told Musk he was “beginning to wonder whether your accounts receivable exist,” and asked again to meet with chief financial officer Zach Kirkhorn and tour the facilities.
“Tesla’s claim for why there are so many for a product where the customers pay up front, was that sales are crazily concentrated in the last days of the month,” Einhorn tweeted.
“This quarter ended on a Tuesday. And, by all accounts sales were not back-end loaded as most of your market was shut-down at the end of March. Yet Days Sales Outstanding rose from 18 days to 21 days,” he said, asking Musk or Kirkhorn to explain.
Tesla reported a surprise profit Wednesday in a quarter marked by shutdowns in two major factories due to the coronavirus pandemic. The results initially sent shares of the electric-vehicle maker up as much as 9%, even as Musk spoke out against the shutdowns.
Tesla is up about 91% year-to-date through Wednesday’s close, but still more than 14% from all-time highs.
Markets Insider
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
