Elon Musk’s electric vehicle maker Tesla has stalled with the stock posting its worst year and month on record. Here's what Musk can do to right the ship.
"Stop selling stock, and no more boy that cried wolf or Pinocchio situation," he said. "Formally adopt a 10b5-1 plan so investors know there is no major selling block around the corner."
Musk sold $40 billion of Tesla stock last year, spooking investors. Ives says a "major stock buyback" would go a long way to improve the "street’s confidence." Ron Gerber of Gerber Kawasaki Wealth Management, who shares some of Ives' opinions, recently participated in a Q&A with Tesla shareholders that Musk joined after the two had a minor online spat earlier this month.
Gerber walked away from the conversation confident on three points, he said: Musk will find a new Twitter CEO, he’ll stop the stock sales and he’s confident in Tesla’s future. Still, Gerber said he won’t rule out runningOutside of Musk’s control is the global economic slowdown. Given that Ives believes Tesla’s goals are too ambitious, he’d like to see a more dialed-down outlook.
"Lay out conservative 2023 delivery and targets given the darker macro. The 50% growth target is not happening in our opinion, with 35%+ delivery growth a more hittable and realistic goal for 2023."
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