Billionaire Leo Koguan, who claims to be Tesla’s third-largest shareholder, has called on the auto industry to announce a $ 15 billion share repurchase program as the company’s stock continues to decline, according to CNBC.
In a tweet to Martin Viecha, Tesla’s investment manager, Koguan noted that the company should immediately announce a plan to repurchase $ 5 billion worth of shares this year and $ 10 billion next year.
He also said that Tesla should use its free cash flow to finance repurchases without resorting to existing $ 18 billion in cash.
Shares of Tesla plunged more than 6% on Wednesday amid a massive sell-off on Wall Street. From the beginning of the year the shares lose more than 30%.
Agree! @MartinViecha, Tesla must announce immediately and buy back $ 5 billion of Tesla shares from its free cash flow this year and $ 10 billion from its free cash flow next year, without effecting its existing $ 18 billion cash reserves with ZERO debt. https://t.co/Y7p52Ojn8q
– KoGuan Leo (@KoguanLeo) May 19, 2022
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
