Elon Musk, the owner of the world's largest automobile company, launches Tesla 'short shorts', know what is the reason


Elon Musk (Elon Musk), founder and CEO of US-based electric car manufacturer Telsa (Telsa), launched a special 'short shorts' on the automobile firm's website on Sunday. Musk wrote on Twitter three days before the launch that he could launch the fabric. This new product from Musk went live on their website on Sunday morning according to local time and the website crashed shortly thereafter.

Musk's new shorts are printed on the back of three Tesla cars - Model S3 (Model S3), X (X), Y (Y) and are available in five sizes for $ 69.420 (about Rs 5186). The pricing of the shorts may refer to the price in which they announced the purchase of shares to privatize the company in 2018.

Musk announced on July 3 that the company would sell short shorts in 'Red Satin with a Gold Trim', and after that, pinching the US Securities and Exchange Commission (SEC), he said he would buy some shorts in the Shortseller Enrichment Commission (SEC) ( Shortseller Promotion Commission) to "give them some comfort in these difficult circumstances."

Musk has joked several times about "short shorts" from short-sellers. Because short-sellers bought their stock repeatedly, they believed it to be overvalued and then sold it immediately. If the stock price falls, it can be sold to make a profit. However, if the price rises, it will have to be bought back, causing the firm to lose.

Sales of Tesla's stock have picked up in the last few weeks and over 15 million (15 million) of these shares have been sold. However, the stock price rose to $ 1,208 (Rs 90,340) per share, making it the world's most valuable vehicle manufacturer.

The SEC dragged Musk to court after failing to justify a tweet about Tesla's production. These tweets cost Musk and his company $ 20 million (Rs 2 crore). Not only this, but it was also decided that Musk's use of social media would be monitored by Tesla.

Tesla had previously sold it to Flemthrowers on behalf of the 'Boring Company', which had raised $ 10 million (Rs 1 crore) by selling 20,000 units. However, the company already sells items like hats, joggers, hoodies, T-shirts, and a toy version of the Model S car.