Tesla (NASDAQ:TSLA): The Drama of Elon Musk Continues
- Wall Street Bankers are set to pounce on Tesla as debt payments loom
- Over $1-B in coming debt payments are putting a huge amount of pressure on Tesla’s Q-3 results
- Goth performer Grimes and Elon Musk have been spotted together for the 1st time since the SEC filed a lawsuit claiming that Musk falsely claimed he would take Tesla private at ‘420’ to amuse her
- CEO Elon Musk plans to buy $20-M of Tesla stock, Tesla said in a SEC filing Wednesday, that is about 71.5-K shares at Wednesday’s close when the stock traded over 8 655-M/shares. The stock sank on the Kiss of Death announcement.
Tesla (NASDAQ:TSLA) CEO Elon Musk plans to buy $20-M worth of the company’s stock on the open market “during the next open trading window,” the company said in a SEC filing Wednesday.
The plans were revealed the day after a judge approved Tesla and Musk’s combined $40-M settlement with the Securities and Exchange Commission stemming from his now-infamous ‘420’ funding secured Tweet about taking Tesla private that ended with the company remaining public and Mr. Musk’s ousting as Chairman of the Board of directors.
It’s not clear when exactly Mr. Musk will next be able to purchase stock, and Tesla did not respond to a request for comment, but buying Tesla’s stock will not help the price recover from the significant losses it saw after the go-private saga, the subsequent lawsuit, and eventual settlement.
Mr. Musk is already Tesla’s largest shareholder, owning just under 20% of the issued and outstanding stock. The filing Wednesday says Mr. Musk will purchase newly issued stock, which should not affect his proportional ownership of the company. At Wednesday’s prices, $20-M may buy about 71.5-K shares.
Tesla’s stock price fell after the filing Wednesday. Tesla is expected to report Q-3 earnings on 31 October
Tesla is not an investment grade growth stock, it is a speculation for professionals, Caution!
|NASDAQ:TSLA||271.78||17 October 2018||-4.81||282.4||282.7||265.8||8,655,500|
|HeffX-LTN Analysis for TSLA:||Overall||Short||Intermediate||Long|
|Neutral (-0.20)||Neutral (-0.03)||Neutral (-0.19)||Bearish (-0.38)|
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