Tesla Investor Questions Rationale Of EV Maker Building Up Cash At 'Stupid Rate,' Suggests This 'Sensible' Alternative
Tesla Investor Questions Rationale Of EV Maker Building Up Cash At 'Stupid Rate,' Suggests This 'Sensible' Alternative
$Tesla (TSLA.US)$ shares have shown no signs of taking off, with the electric vehicle giant's faltering fundamentals not helping matters any further. On Friday, a Tesla investor weighed on a strategy that could support the sagging stock.
$特斯拉 (TSLA.US)$ 股价没有起飞的迹象，这家电动汽车巨头步履蹒跚，也无济于事。周五，一位特斯拉投资者权衡了一项可能支持股价下跌的策略。
What Happened: Future Fund's Gary Black slammed Tesla for the huge cash hoard the company has built up.
发生了什么：未来基金的加里·布莱克抨击特斯拉积累了巨额现金。
"With $TSLA again building up cash at a stupid rate ($29B at 2023 Y.E. with predictions cash could hit $150B by 2030), and TSLA 'in between two major growth waves,' I'll ask again: Why doesn't TSLA distribute some of its unneeded cash ($10B over 3 years) back to shareholders?" the fund manager asked on X, formerly Twitter.
“随着TSLA再次以愚蠢的速度积累现金（2023年为290亿美元，预计到2030年现金可能达到1500亿美元），而TSLA'处于两个主要增长浪潮之间'，我要再问一遍：为什么TSLA不将其部分不需要的现金（3年内100亿美元）分配给股东？”基金经理在X（前身为推特）上问道。
Tesla is the third-biggest holding of the $THE FUTURE FUND ACTIVE ETF (FFND.US)$, after $Alphabet-A (GOOGL.US)$ and $NVIDIA (NVDA.US)$.
特斯拉是该公司的第三大控股公司 $THE FUTURE FUND ACTIVE ETF (FFND.US)$，之后 $谷歌-A (GOOGL.US)$ 和 $英伟达 (NVDA.US)$。
Tesla's tech rivals have been returning cash to shareholders, Black said, adding, "It's the sensible thing to do rather than let cash build up unchecked at 4-5% ROIs."
布莱克说，特斯拉的科技竞争对手一直在向股东返还现金，并补充说：“与其让现金不受控制地在投资回报率为4-5％的水平上积累，这是明智的做法。”
Free cash flow, Black said, is the cash left after setting aside capex for new factories, robots, robotaxis, research and development, and more. He noted that free cash flow can be deployed only for one of the following:
布莱克说，自由现金流是指为新工厂、机器人、机器人出租车、研发等预留资本支出后剩下的现金。他指出，自由现金流只能用于以下其中一项：
Pay down debt
Dividends
Acquistions
Share buybacks
Let cash build up
偿还债务
分红
收购
股票回购
让现金积累
Why It's Important: Buybacks, which is one mode of returning cash to shareholders, technically reduces the number of outstanding shares, in turn boosting earnings per share.
为何重要：回购是向股东返还现金的一种方式，从技术上讲，它会减少已发行股票的数量，进而提高每股收益。
$Meta Platforms (META.US)$ recently initiated a maiden dividend, and the announcement, along with solid quarterly results and positive guidance, led to a strong upside in shares.
$Meta Platforms (META.US)$ 最近启动了首次分红，该公告加上稳健的季度业绩和积极的指导，带动了股价的强劲上涨。
Black said he also sees buybacks as a means to boost Tesla CEO Elon Musk's voting control in the company.
布莱克说，他还将回购视为增强特斯拉首席执行官埃隆·马斯克对该公司的投票控制的一种手段。
"If the TSLA Board combined a new 2024 CEO comp plan with a multi-year $50B buyback (@$250/share = 200M shares), the shares denominator could shrink by ~6%, making it easier for @elonmusk to get to 25% ownership," he said.
他说：“如果TSLA董事会将新的2024年首席执行官补偿计划与为期多年的500亿美元回购（@每股2.5美元=2亿股股票）相结合，股票分母可能会缩水约6％，从而使 @elonmusk 更容易获得25％的所有权。”
Musk recently advocated for granting himself 25% voting control to give him more autonomy in driving advanced AI initiatives at Tesla.
马斯克最近主张给予自己25％的投票控制权，让他在推动特斯拉先进的人工智能计划方面有更大的自主权。
The next catalyst for the stock, according to Black, is the potential resolution of Musk's 2018 compensation plan so that Tesla can send out a 2024 proxy with his new compensation plan in a timely manner. The Delaware Chancery Court recently ruled to nullify the billionaire's $56 billion compensation plan that was approved by the board in 2018.
布莱克认为，该股的下一个催化剂是马斯克2018年薪酬计划的潜在解决方案，这样特斯拉就可以及时派出2024年的代理人及其新的薪酬计划。特拉华州财政法院最近裁定宣布董事会于2018年批准的这位亿万富翁的560亿美元薪酬计划无效。
Tesla ended Friday's session down 0.25% at $199.95, according to Benzinga Pro data.
根据Benzinga Pro的数据，特斯拉周五收盘下跌0.25％，至199.95美元。