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Reading: Tesla retail shareholders cooperate to push for a $TSLA share buyback
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EV-a2z > News > Tesla retail shareholders cooperate to push for a $TSLA share buyback
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Tesla retail shareholders cooperate to push for a $TSLA share buyback

EV-a2za
Last updated: 2022/11/24 at 11:30 PM
EV-a2za Published November 22, 2022 3 Min Read
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With Tesla ending the Q3 on a strong financial footing and TSLA stock currently feeling pressure from Tesla CEO Elon Musk’s “Twitter overhang,” retail shareholders have banded together to request the automaker to initiate a share buyback, as per Teslarati.

Contents
High-profile Tesla bulls called on MuskPetition signups on Change.org

As of writing, the shareholders’ petition has collected over 3,600 signatures. 

Friends,

Doing is truth

So, to back up my buyback proposal, I bought additional 31,500 shares

Now I own 23,201,500+31,500 = 23,233,000 shares

Because shareholders propose to do buybacks, we cover Elon’s back; so that, he will not be criticized for buybacks https://t.co/v1fK07P2qC

— KoGuan Leo (@KoguanLeo) November 7, 2022

High-profile Tesla bulls called on Musk

Some high-profile Tesla bulls have called on Elon Musk to initiate a buyback of Tesla stock. These include Leo KoGuan, believed to be the third largest TSLA shareholder, and  Gary Black, a Wall Street veteran and the Managing Partner of The Future Fund LLC, whose largest holding is TSLA. 

Musk noted during the Q3 earnings call that Tesla is open to initiating a share buyback. According to the billionaire, almost everyone on Tesla’s board has received questions about the topic. He also said a share buyback is possible, even in the downside scenario next year. 

An open letter to Tesla’s Board of Directors – see attached.

With $TSLA selling at its lowest forward P/E (37x on WS 2023 EPS) since Covid, with $18.9B in cash and no debt and an investment grade rating, now seems an ideal time for Tesla’s BOD to consider a $10B+ share buyback. pic.twitter.com/NX7vKJnxOr

— Gary Black (@garyblack00) October 13, 2022

“We’ve debated the buyback idea extensively at the board level. The board generally thinks that it makes sense to do a buyback. But we want to work through the right process to do a buyback, but it’s certainly possible for us to do a buyback on the order of $5 billion to $10 billion.” said Musk.

“Even in the downside scenario next year, even if next year is — was a very difficult year, we still have the ability to do a $5 billion to $10 billion buyback,”

A retail Tesla shareholder, Alexandra Merz, noted in the TSLA stockholders’ Change.org petition the time is okay for the company to carry out a share buyback now or hopefully in this year’s remaining weeks. 

In addition, the Tesla shareholder listed some reasons for this, like the company benefiting from an unvalued TSLA stock price. The Texas-based carmaker could also present confidence in its future results while evading a 1% tax on share buybacks that will become applicable on January 1 next year.

Just set up a petition to the Board of Tesla Inc. to consider share buybacks now.
If you share this view, please sign the petition. https://t.co/rue7LZYUfH

— ❤️ Ale𝕏andra Merz (@TeslaBoomerMama) November 18, 2022

Petition signups on Change.org

The Tesla shareholders’ petition has acquired significant ground, with new signups recorded on Change.org.

So far, 3,658 people have signed up in the past three days. For Musk’s part, he previously noted that a share buyback was completely up to Tesla’s board earlier this month. 

Hopefully, the company’s board will listen to the voice of its retail shareholders this time, considering their growing voice. 

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TAGGED: Electric Vehicle, Elon Musk, EV, Stock, Tesla, Twitter
EV-a2za November 24, 2022 November 24, 2022
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