$15 billion Tesla Stock Buyback...No Chance!
Self proclaimed Tesla fan boy, Leo KoGuan, urged Elon Musk (in a Tweet that now been deleted) to deploy $15 billion worth of Tesla's cash reserves and initiate a stock buyback to take advantage of the recent dip in share price.
This is despite demand for Tesla products far outstripping supply, resulting in delays of over 3 years for some cars and Trucks.
For example, here's what Elon said about the Tesla Cybertruck pre-orders and delays:
“We have more orders for the first Cybertrucks than we could possibly fulfil for three years after the start of production,” said Tesla CEO Elon Musk, adding that orders for some of its models, including the Cybertruck, exceed production capacity “to a ridiculous degree”.
This type of request is so unbelievably short-sighted, that hopefully it is completely ignored. A growth company who has pre-orders for products that will take years to fill, surely as an investor you want them to continue to invest in building out supply so you can drive more future sales.
Slowing down growth just to bump up the share price is an odd request from a billionaire who also happens to be Tesla's 3rd largest shareholder.
