Author, consumer advocate and former presidential candidate Ralph Nader is joining the ranks of so-called experts predicting the end of the record bull market run, and he tweeted this week that Tesla’s meteoric rise since June 2019 is the beginning of the end.
“Watch out Tesla believers.”
Deep in dept, selling less than 400,000 vehicles last year, and challenged by several competing electric car models in 2020, Tesla’s stock valuation stunningly exceeds VW which sold over 10 million vehicles last year. Watch out Tesla believers. -R
— Ralph Nader (@RalphNader) January 22, 2020
Nader’s tweets came as Tesla became the world’s second most valuable auto maker, topping $100 billion in market cap. Looking at where Tesla is today compared to last June is nothing short of spectacular.
On June 3 of 2019, Tesla shares finally bottomed out at $178.97.
At the closing bell on Jan. 23 of 2019, the stock was at $572.20 after rebounding from an early hole to finish up 0.5% for the day.
And yet at the complete opposite end of the spectrum compared to Nader, Ark Investment founder Catherine Wood told CNBC just over a week ago that she sees Tesla shares topping an eye-popping $6,000 a share within the next five years. And that extremely bullish prediction is up from her previously now-modest $4,000 price target.
“As we’re looking at other auto companies, seeing how far behind Tesla they are, we’re beginning to believe they might not lose market share, which is a huge change in our assumptions,” she said, noting that the $4,000 target predicted in February 2018 was that “low” because of concerns over market share.
Nader of course ran for president for decades against both Democrats and Republicans, with his name first appearing as a potential candidate in 1972 with the New Party.
He first appeared on ballots in the 1992 Democratic Primary as an independent before running on the Green Party ticket 1996. He ran again as a Green Party member in 2000.
It also seems a bit strange he would bash Tesla and say it will be the downfall of the record bull market considering he is a crusader against climate change, which he calls “climate devastation,” and the fact that Tesla is an electric car maker.