Tesla Debt and Equity Disconnect

Tesla bonds (August 2025) were trading in the low 80s today. The last time they were this low was in June 2019 when the stock was in the $180-$190 range.

The stock closed today at $427 - it's actually up slightly year to date. There are only a handful of large cap companies that are up year to date. What does Tesla have in common with any of these?

Zoom Video
Teledoc Health
Moderna
Sprint
Regeneron
Clorox
Gilead
Chewy
Kroger
Ringcentral
Citrix
Docusign
Rollins
Atlassian
Netflix
Dominos
Okta
J.M. Smucker
Hormel

These are consumer staples being stockpiled, work from home plays, and coronavirus cures. (And by the way, I don't think that the long term values of the consumer staple companies have improved at all.)

Meanwhile, the WSJ published an editorial, "Elon Musk’s Defiance in the Time of Coronavirus," about how Musk is refusing to shut down his factory.