“We expect to have Dojo II operating at scale sometime next year” - Elon Musk, two weeks ago
Today, Tesla abandoned the Dojo project
Goes to show how believable his commentary is on FSD/Optimus, which is driving Tesla’s entire valuation now
1) you know Tesla’s sales are bad when Trump has to step in
2) this will only worsen the issue, which is that Teslas are increasingly viewed as a political symbol
3) it’s not illegal to boycott
All insurers has seen gross loss ratios decline due to rate hikes
Root is more impressive in a more challenging industry (LMND's car loss ratio was 83% in Q4)
Cardano (ADA) is up 60% in 2 hours following this tweet. $20B market cap coin being used as a “strategic reserve” for the U.S.
What are the odds that people close to Trump hold ADA and influenced this, or bought knowing this was coming? Legal insider trading
I’m not a LMND bear. I own some shares, though it’s my smallest position. But this was objectively a bad report imo
FY25 guide was below consensus and shows low IFP & rev growth. Bulls say it’s sandbagged but they barely beat their initial FY24 guide
There is no growth in car IFP, and a stunning lack of commentary in both the letter and the call. Not good for biggest LT growth driver (their other markets have very small TAMs and are not nearly as competitive)
EBITDA losses not shrinking nearly enough given lackluster growth. FY25 EBITDA guide is -$135M at the high end, or -$115M ex wild fire. That’s only a $35M improvement YoY (even excluding any wildfire impact). Still 3+ yrs away from FY GAAP profitability. Not great
In 2022, Lucid gave Peter Rawlinson a $379M compensation package
Today, Rawlinson stepped down as CEO after incinerating billions in shareholder value
$LCID
