Maezawa made his money like any poor capital allocator does; by finding a worse capital allocator. He sold his company Zozo Inc. to Yahoo Japan, a subsidiary of Softbank, last year.
At the same time Tesla shares are tanking on news of not being included into the S&P 500 this morning, shares of budding competitor Nikola are surging by almost 50% after announcing a partnership deal with General Motors.
Tesla bulls, pundits and sell side analysts alike had widely expected the company to be added to the index following four quarters of "profitability". Instead, S&P wound up adding Etsy, Teradyne and Catalent.
Interest rates are likely to stay low for years as the economy fights its way back from the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said in remarks published Friday afternoon.
Hours after video surfaced of a horrifying wreck involving a Tesla, the company is reportedly setting up a new sales and service company in Southwest China.