Source: Zero Hedge
Tesla Surpasses Netflix, Becomes World’s Most Valuable “Junk” Company Update (1135ET) : Thanks to the parabolic melt-up in Tesla’s share price, its market capitalization has now surpassed that of Netflix… Making Tesla the most-valuable, junk-rated company in the world. We do note, however, that TSLA’s bonds still trade dramatically cheap relative to NFLX’s bonds… * * * Update (1035ET): While TSLA remains up over 10%, its notably off its highs as Citron Research unleashes its latest short on the carmaker: We love $TSLA and promised never to be short again. BUT when the computers start driving the market, we believe even Elon would short the stock here if he was a fund manager. This is no longer about the technology, it has become the new Wall St casino. — Citron Research (@CitronResearch) February 4, 2020 And price is starting to wobble a little… TSLA is now more over bought than Bitcoin was at the peak of its bubble in 2017… * * * On a morning when one of Tesla’s biggest bulls, New Street’s Ferragu downgrades the stock, saying: “Limited sources of further appreciation in the next 12 months. ..