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After Yet Another Musk Share Sale, Tesla Stock Declines

Following CEO Elon Musk’s admission of yet another stock sale, Tesla (TSLA) fell today, bringing the stock’s year-to-date decline to about 49%.

According to a document Musk made with the SEC on Tuesday, he sold approximately 19,500,000 shares over the course of three days in November, for a total transaction value of $3.95 billion.

The most recent sale occurred just a few days after Musk finalized his $44 billion acquisition of Twitter on October 27.

It is unclear how much outside capital and personal money Musk has committed to buying Twitter, although $ 13 billion in debt financing is known to have been raised. 온라인카지노

Musk’s latest Tesla sale this week follows two more revelations that came after he announced his unsolicited offer to acquire Twitter on April 14. On April 28, Musk said in a filing that he had sold about 9.7 million Tesla shares worth about $ 8.35 billion. After Twitter sued Musk on July 12 to force him to complete the deal, Musk sold more shares on August 9, worth about $ 6.8 billion. Musk had previously said he would not sell Tesla shares anymore. . For analysts and investors, the latest stock sale is bad news, as Musk’s deal to buy Twitter (and subsequent stock sales, as well as the threat of further stock sales) has put a strain on the title. .

“Our fear in the final days of the deal was that Musk would be forced to sell more Tesla stock to finance the deal disaster on Twitter, and eventually those fears have been realized, which speaks to some of the massive selling pressures. on stocks in recent times. Wedbush’s Dan Ives said this in a note published today. Tesla’s stock performance was also impacted by factors such as a possible slowdown in China, which Musk admitted may be in the midst of a slowdown, as well as concerns about weakening demand in the US, as well as heightened macroeconomic concerns over the global economy. . New competition from traditional automakers such as Volkswagen, GM and Ford threatens Tesla’s strong lead in electric vehicles in the US and Europe.

For Ives and investors, a focused Musk at the helm of Tesla is crucial in this uncertain time. While Ives hasn’t lowered his rating or price target on Tesla, he was unequivocal in his displeasure, saying “the Twitter craze has to end now” and that Musk needs to focus more on Tesla, or “investor frustration” would continue. . to build. As for Musk’s Tesla holdings, according to his latest SEC filing, he still owns more than 445 million Tesla shares, which represents a 14% stake in the company. And while Musk remains the world’s richest person, his personal fortune fell to $179.5 billion from a high of $340 billion after Tesla’s stock plunged, according to the Bloomberg Billionaires Index.

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Tesla officially makes its charging standard available to other companies

One of Tesla’s biggest competitive advantages in North America has been its network of chargers which, for the most part, can only charge Tesla vehicles.

According to Tesla, Tesla’s chargers outnumber so-called CCS chargers, the type used by Ford, General Motors, Audi, Rivian and others, by a factor of two to one. Now, Tesla has invited other automakers to build cars with charging ports that can work with the Tesla charging format, and other charging companies, such as EVGo, ChargePoint, and Electrify America, to add Tesla-style plugs to their chargers. 바카라사이트

However, it’s still unclear whether any other company could accept Tesla’s offer, or if anyone ever will. Tesla drivers have long been able to use CCS chargers with a simple adapter that clips onto the charging plug. But in reality, having a Tesla-style charging cable (Tesla has now nicknamed it the “North American Charging Standard” or NACS, although it’s not some sort of official government designation) would make the process easier and wouldn’t require the purchase of an adapter.

For non-Tesla vehicles, the ability to use a Tesla compressor, the company name for its quick chargers, has been more complicated and requires, at best, a special adapter purchased from another company. Again, it may not work due to differences in how cars communicate with the charger. Driving a car with a Tesla-style NACS charging point will make this much easier. But so far, no automaker or charging company has announced plans to accept Tesla’s offer that was announced in a blog post on Friday. The company and its CEO, Elon Musk, have already talked about opening up its charging network to non-Tesla vehicles.

The company has started doing this in Europe, where Tesla vehicles are equipped with a European version of the industry-standard CCS-style charging ports. On the same day Tesla announced its offer to other companies to use its charging format, charging company EVGo announced a temporary offer for Tesla drivers with a CCS adapter to use EVGo fast charging stations without pay monthly subscription fees.

With EVGo’s existing plan, called Autocharge +, Tesla drivers can use the EVGo phone app to quickly connect and start a charging session. The timing of EVGo’s promotional announcement was haphazard, said Jonathan Levy, EVGo’s Chief Commercial Officer, and EVGo currently has no plans to begin putting Tesla charging cables in its stations.

In the past, Tesla had offered to allow other companies to use various Tesla patented technologies, but this meant that the companies had to abide by Tesla’s “Patent Promise”.

Under the terms of that agreement, companies that wanted to use any Tesla technology had to agree not to sue Tesla for any kind of patent infringement or help any other company to do so, essentially making Tesla’s patent-sharing offer one. two-way street. . It is unclear whether Tesla’s patent commitment applies to the use of the NACS charging standard. Tesla, who generally does not answer questions from the media, did not respond to questions sent by email on the subject. Bill Visnic, editorial director of the Society of Automotive Engineers, or SAE, said he didn’t think the automakers would accept Tesla’s offer. CCS is a standard developed by SAE in collaboration with a consortium of car manufacturers. “There is a lot of important work and collaboration going on,” he said.

However, Visnic also admitted that Tesla chargers tend to be more reliable and easier to use than other public chargers. As for charging companies, Visnic said, they will likely want to keep their chargers using the CCS standard, as Tesla already has a larger network of chargers and many Tesla drivers can easily use an adapter. (Some Tesla vehicles do not work with CCS adapters.)

But charging companies may want to add these cables because they could attract new customers, said Jim Burness, chief executive of National Car Charging, a wholesaler of equipment for the electric vehicle charging industry. Burness owns a Tesla as his personal vehicle.

“This will help owners of older Tesla cars who might otherwise not only have to buy an adapter, but also pay to upgrade their car if the outlet is right there at the station,” she said.

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