Tesla stock remains vulnerable to a big drop, according to investor Danny Moses, known as the “big short.” Even though the electric car maker’s shares are down 32% this year, Moses remains short Tesla. “Their core business is falling apart,” the founder of Momes Ventures said Thursday on CNBC’s “Fast Money.” “He’s pointing everyone towards robotaxis, artificial intelligence and autonomy,” he added, referring to CEO Elon Musk. Moses cites Musk’s decision to cut more than 10% of the company’s global workforce, a recent Reuters report investigating Tesla’s securities and digital money fraud, and uncertainty around robotaxis as downside risks. The robotaxi presentation is scheduled for August 8. “This attempt to acquire it for robotaxis and artificial intelligence will disappear over time. So, a $150 billion market cap at a $50 price? Seems like a reasonable estimate to me,” he said. Tesla shares closed down 2% on Friday, ending trading at $168.47. Moses, who is known for successfully betting against the housing market before it crashed in 2008, was also $50 short on Tesla last November. He named Tesla as his number one weakness. “It’s really become a ‘show me’ story in terms of whether this is a car company, and I think over time people here will start to lose patience with what the company is going to be,” he said on “Fast Money.” . In November . Moses expects Wayve, a self-driving car company, to become a serious competitor to Tesla. “They are now using autonomy for urban driving,” he said. Last week, Wayve announced it had raised more than $1 billion to develop self-driving products. Major investors include Nvidia, Microsoft and SoftBank. Moses also has a stake in Wayve through a venture fund. “I don’t think people paid enough attention to it,” Moses said. Tesla shares fell 7% last week. CNBC correspondent Anna Gleason contributed to this article. Denial of responsibility
