Hedge fund manager David Einhorn is getting burned by the ever-rising share price of Tesla Motors, which now has a market cap larger than that of Ford. But while Einhorn doesn't understand why investors remain "hypnotized" by Tesla CEO Elon Musk, he remains confident in his fund's short position. From a Wednesday conference call:
Einhorn's argument: Tesla won't be able to mass market its Model 3 "at volumes and margins that justify the current valuation."
Musk's reply: None yet, but he's no shrinking violet when it comes to Tesla doubters.