Probably not fine.


$TSLA #Tesla
It's always fun to go back and look at who said what when. The bonds above were oversubscribed by 300M. Some blindly cheered it.

$TSLA #Tesla
Included in that were pie in the sky projections of production and margins.
One of the best parts about markets is it's merit based. You can kick cry and scream but at the end of the day the only thing that matters is being right.

The below is what is known as 'smart money'

Furhter, covenant lite was an understatement here.
Lastly many have promoted the idea that $TSLA is a tech company with zero evidence. Tech companies sport big margins, issue convertibles on their terms if at all, buy back shares and so forth.

The relative support line on this narrative broke on Friday.

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