Artful Dodger
"Neko no me"
At this share price level, I'm fine with them doing a small offering to appease S&P but 65 million shares seems very much overkill. The Fed is openly saying debt will be extremely cheap for the foreseeable future. Unless Battery Day reveals potential to scale faster by throwing more money at it, I'm sticking with what Elon has said himself "Throwing more money at things would not make scaling any faster and just create inefficiencies in the company".
There's some bravado in that statement. The expansion of the Supercharger Network has been put on hold due to cost cutting needs in several recent quarters. Staff at GF2/Buffalo were temporily reassigned to Fremont during the Model 3 'all-hands-on-deck' episode of 2019Q1. That miscalculation led to Tesla doing a Cap raise at $267 for 3.3 million shares. Ouch! when it was expensive to borrow money.
Those events, and the entire wave itself (end-of-Qtr delivery rush), are fundamentally business decisions made to prioritize profitablity for the current quarter vs. doing what's optimal for Tesla's long term growth. This is what you seem to be missing, and its a symptom of an undercapitalized business.
More money will allow Tesla to focus on doing what's best for the business. It doesn't have to lead to wasteful spending, but sufficient capital can eliminate the type of systemic waste due to conflicting priorities as I've describe above.
This isn't some little startup operating out of the founder's garage anymore. We're Multi-National now. Let's act like it.
Cheers!
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