Elon Musk’s Master Plan Was Short on Details. That Makes It Hard to Value Tesla Stock.


is trading “more like just another car maker,” wrote Bespoke Investment Group this past week. I don’t think it was a compliment. On Wednesday evening, the company held a new investor day at its equally new Texas Gigafactory. On Thursday, shares sagged 6%.

That’s not how these things are supposed to work. Investor days aren’t a must, like filing an annual report. Companies do it to generate enthusiasm for their strategies and products. Rapturous applause in the moment is good, but a pop in the stock price is better.