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Kommentti Teslan Elon Muskia koskevasta kanteesta

Morningstarin strategi David Whiston kertoo, miten Yhdysvaltain SEC:n siviilikanne voi vaikuttaa Teslan markkina-arvoon.

David Whinstonin kommentti englanniksi:

“On 27th September, the SEC filed a civil complaint against Tesla CEO Elon Musk alleging securities fraud related to his 7th August "funding secured" tweet about taking Tesla private. The Justice Department is also investigating this tweet as a criminal matter but has not filed charges. The SEC is seeking civil penalties, disgorgement of any ill-gotten gains, and wants to bar Musk from serving as a director or officer of any U.S. public company. The latter item is most significant for investors in our opinion because as we have said previously, we think for now Musk is effectively Tesla and without him Tesla is just a capital-intensive automaker burning cash with too much debt due soon. 

“If Musk were not allowed to be a key decision-maker at Tesla, or if we grow more uncomfortable with the legal risk surrounding Tesla in the future, then we would likely raise our weighted average cost of capital to nearly 12% from about 10%. This change, holding all else equal in our model, would lower our fair value estimate to about $126 from $179, but for now we are maintaining our fair value estimate while we see how this complaint plays out over time in the courts or via litigation.

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