According to foreign media reports, electric vehicle manufacturer Tesla reported to the US Securities and Exchange Commission (SEC) on Monday that CEO Elon Musk has increased its holdings of 33,000 shares on the same day. The average price is $298.50. Based on this stock price, Musk's share of Tesla's stock cost nearly 10 million US dollars.
Musk indirectly completed the increase through its trust fund. After the increase, Musk held shares of Tesla 33,665,421. Based on Monday's closing price, the market value of these stocks is about $10.19 billion. Musk's last increase in Tesla stock took place in March 2017, when he increased his holding of $25 million worth of Tesla shares at an average price of $262. According to data provided by Bloomberg, Musk is currently the largest shareholder of Tesla, with a shareholding ratio close to 20%.
In the Tesla earnings conference call held last week, Musk severely interrupted the questions of two analysts at Sanford C. Bernstein & Co and the Royal Bank of Canada Capital Market, saying that the other party's question was too boring. Affected by this, Tesla shares fell more than 5% after the market. At the time, the problems of the two analysts were related to Tesla's capital requirements and Models 3's order delivery issues. In the conference call, Musk called the question of one of the analysts a "boring fool", and the "boring" discussion killed him.
Tesla also pointed out in the earnings report released last week that the company's capital expenditures in the first quarter have been reduced from $3.4 billion in the fourth quarter of last year to $2.7 billion, while the company will take this year's capital demand from the expected 34. The US$100 million was reduced to US$3 billion. Musk claimed that the company does not need to issue new shares or new debts for new financing this year.
But according to Tesla's current burning rate, the company is likely to run out of cash this year without further financing. Bloomberg previously predicted in the article that Tesla averaged more than $6,500 per minute. Tesla's free cash flow has been in a negative territory for the last five quarters.
Market analysts expect Musk to use the capital market to raise $2 billion to $3 billion in the near future due to the imminent debt and slow production. As of the end of 2017, Tesla had approximately $3.5 billion in cash. The company has a $230 million convertible bond that will expire in November this year, and another $920 million convertible bond will expire in March 2019. And between 2018 and 2019, Tesla may spend about $3.35 billion in cash. That is to say, even if Tesla does nothing, the company will have a funding gap of about $1 billion by early next year.
Because Tesla's net loss in the first quarter reached a record $786.4 million, and faced with problems such as the failure of Model 3 capacity to meet targets and lack of funds, many investors chose to short the Tesla stock. Mask has given a tough answer on Friday, asking short sellers to stay away from Tesla. He published a tweet on the same day saying: "It seems that everything is coming faster than you think. This kind of large-scale short is completely unrealistic. If you are staring at Tesla's short, then I suggest you be quiet. And consciously left."
After the share price rebounded on Friday, Tesla shares continued to rebound at 8.68 US dollars on Monday, or 2.95%, to close at 302.77 US dollars. Based on the closing price of the day, Tesla's market value is about 51.47 billion US dollars. In the past 52 weeks, Tesla's lowest share price was $244.59 and the highest share price was $389.61.
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