“We are still essentially out of Tesla. It’s still one of my favorite positions, “Chanos told CNBC” Halftime Report “. “Nothing has changed from my point of view here. … he will lose money this year. “
Tesla shares were down 2% from their previous close of $ 481.56.
Chanos said his company had warned customers that the recent Tesla rally between November and February would not last. The stock more than doubled during this period, exceeding $ 950 per share and peaking in early February. Since reaching this level, Tesla’s stock has dropped more than 51%.
” [That] was one of the craziest times I’ve ever seen in my 40 years on Wall Street, “said Chanos.
Speculative trading “maniac” at the end of the bull market
“It was the only thing missing from the bull market over the past 10 years, it was just manic speculation on the part of individuals,” said Chanos.
Both stocks had become the favorites of retail investors in February, with trading platforms like Fidelity, TD Ameritrade Robinhood and SoFi, all of which experienced significant trading volume as stocks soared day after day. At one point, Virgin Galactic’s share more than tripled in just three months.
“Retail has come to the market for one reason or another and individual names and stories in ways we have not seen since … the end of the dot-com boom,” said Chanos at the start. from 2000.