• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Tesla Slaps Down Model 3 Speculators, Cancelling Excess Reservations

By
David Z. Morris
David Z. Morris
Down Arrow Button Icon
By
David Z. Morris
David Z. Morris
Down Arrow Button Icon
April 30, 2016, 4:17 PM ET
Courtesy of Tesla

On Friday, skeptical analyst Anton Wahlman announced that he had successfully placed 20 reservations for a Tesla Model 3, apparently defeating the 2-per-customer maximum set by the company. Yahoo! Finance found they, too, were able to order more than the limit, simply by submitting multiple orders on separate forms.

This suggested, according to Wahlman, that some of the 400,000 refundable deposits reported by the company could have been made by speculators, possibly inflating the impression of huge demand for the car.

Get Data Sheet, Fortune’s technology newsletter.

Elon Musk leapt to action quickly, taking to Twitter to reassure everyone that a system scan showed only 0.2% of orders indicated duplicates over the limit, and that excess preorders would be cancelled.

@MrBoylan System scan detected only 0.2% of orders with same email and physical address. Those have been purged.

— Elon Musk (@elonmusk) April 30, 2016

That should help reassure observers of the integrity of Tesla’s preorder numbers, which are being widely interpreted as a huge win for the company. Tesla (TSLA) stock jumped nearly 10% in the week after preorders opened, and it’s up nearly 70% since February.

For more on Model 3 preorders, watch our video.

Of course, there’s something a little funny about the idea that speculators piling in to the Model 3 preorder should be a cause for skepticism in the first place. It’s a great sign for a company, after all, that mere spots in line for a product are considered to have value.

If anything, it seems Tesla’s big problem is not too little demand, but too much. The company says it won’t start shipping Model 3s until late 2017, and between likely-inevitable delays and a still-growing backlog, some preorder customers could lose patience.

About the Author
By David Z. Morris
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.


Most Popular

placeholder alt text
Economy
Elon Musk warns the U.S. is '1,000% going to go bankrupt' unless AI and robotics save the economy from crushing debt
By Jason MaFebruary 7, 2026
1 day ago
placeholder alt text
Success
Even with $850 billion to his name, Elon Musk admits ‘money can’t buy happiness.’ But billionaire Mark Cuban says it’s not so simple
By Preston ForeFebruary 6, 2026
2 days ago
placeholder alt text
Success
Gen Z Patriots quarterback Drake Maye still drives a 2015 pickup truck even after it broke down on the highway—despite his $37 million contract
By Sasha RogelbergFebruary 7, 2026
1 day ago
placeholder alt text
Future of Work
Anthropic cofounder says studying the humanities will be 'more important than ever' and reveals what the AI company looks for when hiring
By Jason MaFebruary 7, 2026
1 day ago
placeholder alt text
AI
AI can make anyone rich: Mark Cuban says it could turn 'just one dude in a basement' into a trillionaire
By Sydney LakeFebruary 7, 2026
1 day ago
placeholder alt text
Energy
Next-gen nuclear's tipping point: Meta and hyperscalers start deals with Bill Gates’ TerraPower, Sam Altman-backed Oklo, and more
By Jordan BlumFebruary 7, 2026
23 hours ago

Latest in

InvestingGold
Bessent sees ‘unruly’ Chinese trading behind gold price swings
By Maria Paula Mijares Torres, Hadriana Lowenkron and BloombergFebruary 8, 2026
1 hour ago
Investinggambling
Gambling stocks sag as prediction markets steal Super Bowl bets
By Peyton Forte, Denitsa Tsekova and BloombergFebruary 8, 2026
1 hour ago
PoliticsJapan
Japanese prime minister’s landslide win gives her party a lower-house supermajority and more room to enact a right-wing agenda
By Mari Yamaguchi, Foster Klug and The Associated PressFebruary 8, 2026
2 hours ago
InvestingVenture Capital
NFL legend Joe Montana lived around top VC execs as a 49er, then leveraged those ties to launch his second career as an investor
By Jason MaFebruary 8, 2026
2 hours ago
bad bunny
Arts & EntertainmentMusic
How Bad Bunny went from Super Bowl supporting act to headliner with ticket sales to rival Taylor Swift
By Jake AngeloFebruary 8, 2026
3 hours ago
CybersecurityJeffrey Epstein
FBI found little evidence Epstein ran a sex trafficking ring for powerful men and concluded a ‘client list’ doesn’t exist
By Michael R. Sisak, David B. Caruso, Larry Neumeister and The Associated PressFebruary 8, 2026
4 hours ago