Tesla suffered a 9% correction yesterday, for an incorrect reason. Morgan Stanley analyst Adam Jonas NEVER DID remove his $320 price target on Tesla, he confirmed yesterday by email. This contradicts innumerable stories yesterday claiming he had. Big errors like that warrant a correction, true? Especially when they spark a correction — perhaps a correct correction, but still.
Also incorrect is a headline in the WSJ today: “Nevada Gets Musked.” Never mind the use of Musk as a verb, which is patently incorrect. It also implies the Tesla CEO can exert huge manipulative power over the world. That’s incorrect. A quick read of recent events reveals he is utterly flaccid. Just a few days ago, he warned about his stock price. What happened? No correction. A few days later, Jonas puts up a similar caution flag. What happens? The herd that ignored Musk goes galumphing for the exits. So who wears the pants? But wait, if the press had accurately reported on Jonas, we might have avoided that correction. Ergo, it’s the press that truly wears the pants ’round these parts. Oh Rupert!