- Paul Krugman compared Tesla to bitcoin, saying hype and faith underpin both assets’ prices.
- The Nobel Prize-winning economist argued Tesla lacks the networks effects of Apple and Microsoft.
- Krugman took aim at Elon Musk, joking he wouldn’t trust the controversial Tesla CEO to feed his cat.
Paul Krugman has compared Tesla stock to bitcoin, saying hype and faith underpin both assets’ valuations, and joked he wouldn’t trust Elon Musk to take care of his cat.
Tesla stock skyrocketed more than 13-fold between the start of 2020 and its November 2021 peak. It has plunged 73% since then, slashing the electric-vehicle (EV) company’s market capitalization from over $1.2 trillion to under $350 billion as of Tuesday’s close.
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