The CEO of Tesla Inc. has accumulated billions of his own money. He bought Twitter Inc. earlier this year for $44 billion. After buying Twitter Inc., the company raised $13 billion in debt. Bloomberg News reported that Elon Musk's bankers are considering replacing some of the high-interest debt layered on Twitter with new margin debt backed by Tesla stock. This will make him personally liable for repayment.
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Volatile markets Elon Musk poured billions of his own money into buying Twitter Inc. earlier this year for billions of dollars and saddled the company with $13 billion in debt (AP).
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Tesla CEO Elon Musk appears to be starting to defend his position as CEO of the electric car maker amid growing criticism from the auto company's investors.
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After going live at a Twitter event earlier this week, Musk clarified that he was present for the all-important Testa meeting and that he was definitely not missing in action (MIA), as some critics suggested. It was clear that he was trying to dispel some of the recent negative views about him and Tesla.
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Tesla Inc. stock sold another to TSLA. Margins fell by -8.12% on Tuesday, a more than two-year low. That could push the electric vehicle maker down to 13th place on the list of most valuable S&P 500 SPX, -0.13% companies.
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The electric vehicle maker's stock fell 3.3% in premarket trading, heading for its seventh-straight loss. Recent trading values imply a market capitalization of about $375.96 billion, down from $388.88 billion as of Friday's close.
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That was 0.38% of retailer Walmart Inc's WMT, which stood at $387.72 billion on Friday, and 0.49% below banker JPMorgan Chase & Co's JPM. That would put Testa's market cap below $385.07 billion.
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Testa is now owned by semiconductor maker Nvidia Corp. NVDA, -4.27% sits just above the market capitalization of $374.07 billion on Friday. Tesla's market cap is a far cry from what it peaked at around $1.24 trillion on Jan. 3, 2022, according to FactSet data, making it one of only a few trillion-dollar companies.
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In the middle of the biggest rating change last week, Oppenheimer cut Tesla. Another painful fall was suffered in the last five sessions. Here are the most notable analyst rating changes from this past week, first covered on InvestingPro+.
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The CEO of Tesla Inc. has made his own billions. When he bought Twitter Inc. earlier this year for $44 billion and saddled the company with $13 billion in debt.
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Bloomberg News reported that Musk's bankers are considering replacing some of the high-interest loans layered on Twitter with new margin loans backed by Tesla stock, which he would be personally responsible for repaying.
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