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Tesla Model S Plaid fire image courtesy of Gladwyne Volunteer Fire Company.

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More Details About Tesla Model S Plaid Fire Lead To More Questions

There have been more details released about the recent Tesla Model S Plaid fire, including who owned the vehicle. The information released has led to even more questions. Although I believe we should wait on the results of the investigation, there are some questions that a few Tesla owners and shareholders have taken to Twitter to pose. Before getting into that, here is the latest that we have so far:

CNBC reported that when the vehicle caught on fire, the owner was actually behind the wheel. The article included a statement from the owner’s attorneys and noted that the owner’s identity isn’t being disclosed. The article also stated that a spokesperson for the National Highway Traffic Safety Administration said they were aware and in touch with the relevant agencies and Tesla. “If data or investigations show a defect or an inherent risk to safety exists, NHTSA will take action as appropriate to protect the public,” the spokesperson told CNBC.

Reuters reported that the owner of the Plaid Model S was an “executive entrepreneur” and that he wasn’t able to get out of the car. The electronic door system failed and the owner had to use force to push it open, according to the attorneys.

Mark Geragos, of Geragos & Geragos, the law firm representing the owner, told Reuters, “It was a harrowing and horrifying experience.” He added, “This is a brand new model. … We are doing an investigation. We are calling for the S Plaid to be grounded, not to be on the road until we get to the bottom of this.”

This Is Where Things Get Extra Strange

Bloomberg reported that the owner of the Model S Plaid is Bart Smith, who is the head of the digital asset group as Susquehanna International. Bloomberg stated that Smith’s firm owned around $1.1 billion worth of Tesla shares as of March 31. Things get a bit interesting here, though. @WholeMarsBlog shared on Twitter that there was a possibility that the global quant trading firm, which does trade Tesla’s stock, could hedge a short.

Kristen (K10) shared some more information from Investopedia about Susquehanna Securities. Investopedia noted that the firm owned 60.7 million Tesla shares in 2019 and that it also owned 64.6 million put options and 54.3 call options of Tesla.

The fact that the firm has had put options on Tesla [NASDAQ:TSLA] has made quite a few supporters suspicious. And considering past events where short sellers have tried to sabotage Tesla in various ways in the past, I don’t blame them. Personally, I believe that truth always prevails and the truth will come out. This could just be a coincidence, and I’m sure that investigators are looking into it.

Again, we’re not making any claims of wrongdoing, but it’s an interesting edge of this case that seems worth keeping an eye on.

An Example of Truth Prevailing: The Recent “Driverless” Tesla Houston Crash

While many were freaking out over the headlines regarding the Houston Tesla crash earlier this year that led to two men dying, the truth eventually prevailed. Constable Herman, who was investigating the Houston crash, declared that he was 100% sure that there was no one in the driver’s seat of that Model S and many media outlets took the story and ran. However, it was later found that the constable’s office was already in possession of video evidence that directly contradicted his claims. It was later found that there was a driver and that the constable was spreading some misinformation. The truth prevailed in this case and I believe it will also prevail here.

Although it does seem odd that the head of a firm that has had put options on Tesla’s stock in the past was involved in a fiery crash involving Tesla’s newest vehicle, the Model S Plaid, it’s also odd that this incident happened just before Tesla’s announcement of its record-breaking delivery numbers. However, this could be 100% a coincidence.

I think that we all should keep open minds about this investigation.

I also think that we should keep in mind that Smith just lost his vehicle and the Model S Plaid is stunning. To lose it in such a horrific accident is not only sad but scary. Smith also nearly lost his life according to the reports, in nearly the same manner that my mother and I did when I was a child. Our car exploded and we had mere seconds to get out before it did. This is not a time to be bullying or harassing this person (and one should never do that).

Let’s look at the evidence as it comes in, but hold off from judging until we know the truth of what happened and why.

 

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Written By

Johnna owns less than one share of $TSLA currently and supports Tesla's mission. She also gardens, collects interesting minerals and can be found on TikTok

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