I've been covering Tesla since 2007, and it's hard to believe that it was just a year ago that CEO Elon Musk dispatched his now-infamous $420 and "funding secured" tweet — and push to take the company private.
That decision wound up costing Tesla and Musk $40 million in an SEC settlement, plus Musk's chairmanship of the company. But Tesla actually had bigger problems to deal with. Both 2018 and 2019 were tough, as the company struggled through production of the Model 3 sedan and worked feverishly to get a new factory up and running in China.
Somehow, it all came together in late 2019, just as Tesla revealed an absolutely bonkers vehicle, the long-awaited Cybertruck pickup. Tesla's stock rallied and rallied and then some. By the end of the year, $420 was in the rearview mirror; by January 2020, a $500 share price was in sight.On August 7, 2018, Musk was reportedly sitting in his car in Los Angeles when he tapped out the tweet heard 'round the world: "Am considering taking Tesla private at $420. Funding secured."Tesla shares were actually riding relatively high at the time: $340.
Final...
He’s a crafty guy- he was able to legally secure himself an interest free loan of just under $100m for all of the “deposits” he’s taken for the cyber truck, model 3, and roadster whose production keeps mysteriously getting delayed... 👏🏻
If He Works Hard Enough.. It Will Be 5K a Share.
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Source: Forbes - 🏆 394. / 53 Read more »