Noted short-seller Jim Chanos took a look at Tesla’s numbers — and quickly ascertained just how much the electric vehicle maker is struggling.

In a tweet based on an independent assessment of Tesla’s order backlog, Chanos pointed out that Tesla’s
order backlog is below year-end levels, even as it’s been cutting prices.

At Tesla’s annual meeting, CEO Elon Musk told a shareholder that the automaker would consider advertising — which it has eschewed — even as he believes doing so would largely be preaching to the choir.

Read: Tesla’s Elon Musk expects ‘a year of difficulty’ for the global economy

“And you know what, I believe in taking suggestions,” Musk said, according to a transcript from S&P Global Market Intelligence. “So we’ll try a little advertising and see how it goes.”

“Okay. Okay. I wasn’t expecting that level of enthusiasm,” he added. “But okay, it sounds like our shareholders, if I read between the lines, subtle as it is saying, we probably should just use some advertising.”

Tesla shares have soared 35% this year but have dropped 46% from its highs of August. Tesla has a trailing price-to-earnings ratio of 49.

Read: Lots of office workers want to work from home. Elon Musk thinks it’s ‘morally wrong.’

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