Elon Musk responded with a direct jest when an exchange-traded fund (ETF) opposing Tesla Inc. came to a halt due to substantial losses.
What Occurred
In reply to a post from a Tesla enthusiast on X, formerly referred to as Twitter, Musk aimed his words at those who engage in short-selling and bet against his electric vehicle domain.
The billionaire in the tech industry raised doubts about their determination to wager against Tesla even in the face of recurrent obstacles. He quipped, “Seriously, how many attempts do they need at this!?”
Musk’s taunting was directed towards an ETF that opposed Tesla, recognized for its unique “NOPE” branding.
Led by George Noble, this fund aimed to challenge conventional investment tactics, advocating for a contrary strategy that stressed meticulous valuation analysis while steering clear of asset bubbles.
Nonetheless, the market’s unpredictable fluctuations proved detrimental to the fund’s performance, leading it to cease trading on August 24.
As per the report, with the S&P 500 registering a growth of more than 20% throughout the year, the “NOPE” fund struggled to keep pace, undergoing a staggering 69% decline in value within a single year.
Noble boasts a track record of effectively overseeing mutual funds. In late September 2022, he introduced the “NOPE” fund and assumed a daring position, opting for long positions in oil and gas stocks. Reportedly, he also took short positions not only against Tesla but also against well-known firms such as Coinbase Global, DraftKings, Roku, and ARK Innovation ETF.
