volt paying a normalized multiple will be seen under better operating conditions should war it -- warrh higher valuation. we own about 3% of the company today. we continue -- continue to add to it when possible. alix: thank you. david, fascinating. you are the founding and a managing director of livermore partners. joe: let's go back to julie hyman. on fitbit.ate julie: the numbers looked pretty good, we have had a reversal, though. it seems as though there was a fly in the point, the gross margin at the company. 47% as opposed to an estimate of 48%. much like disney, for example, which has done so well, fit bit with its 158% gain since its ipo, and you could argue it is gaining perfection, and any innge in the armor -- chink the armor, people are going to find it and right now they are selling off the stock as a result. alix: brutal. thank you so much, julie hyman. joe: we will be right back. ♪ alix: i'm alix steel. joe: i'm joe weisenthal. "what'd you miss?" alix: let's get to julie hyman at the news dekes -- news desk. julie: delivered in the second quarter, tesla has its most impor