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Fund manager William B. Smith of Blaine Capital appeared on CNBC to offer up his thoughts on one of the street's most talked about names: Tesla.
Blaine, based in Stamford, CT, is short the name and when prompted by the hosts on CNBC to explain his reasoning why it's his "favorite short", Smith didn't mince words. "We've been short Tesla since the low 300's. We believe the company is going to have to restructure," he says. "We believe the company is going to be zeroed out, it's going to be worthless as far as the equity is concerned."
Management - Elon - Musk - Genius - Visionary
"They have very poor management. Elon Musk is not a genius, he's not a visionary. He's a charlatan, he's a carnival barker. He can not replace any of the massive amounts of management that are leaving the company," Smith continues.
Smith discussed the company's recent capital raise: "They have a toxic balance sheet and while they were able to...
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