Tesla is not the only Ponzi scheme around – China as a whole is a new dimension. The world is filled with those schemes as most corporates would rather sink all their cash into the unrealistic dreams of a Silicon Valley hotshot rather than taking some measured but much more real steps towards building businesses. Elon Musk is not to blame for the Tesla debacle – our own idiocy is. Without an army of willful conspirators handing him the cash he needed, this could not have happened. I shed no tears for those losing their shirts.
What may have started as an ill-advised bit of summer whimsy — Elon Musk’s tweet on Aug. 7 suggesting that, as Tesla’s chief executive officer and its largest shareholder, he was going to take the company private and had the “funding secured” to do so — has turned into a full-blown crisis.