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.
$特斯拉 (TSLA.US)$ 股價沒有起飛的跡象，這家電動汽車巨頭步履蹣跚，也無濟於事。週五，一位特斯拉投資者權衡了一項可能支持股價下跌的策略。
What Happened: Future Fund's Gary Black slammed Tesla for the huge cash hoard the company has built up.
發生了什麼：未來基金的加里·布萊克抨擊特斯拉積累了巨額現金。
"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.
“隨着TSLA再次以愚蠢的速度積累現金（2023年爲290億美元，預計到2030年現金可能達到1500億美元），而TSLA'處於兩個主要增長浪潮之間'，我要再問一遍：爲什麼TSLA不將其部分不需要的現金（3年內100億美元）分配給股東？”基金經理在X（前身爲推特）上問道。
Tesla is the third-biggest holding of the $THE FUTURE FUND ACTIVE ETF (FFND.US)$, after $Alphabet-A (GOOGL.US)$ and $NVIDIA (NVDA.US)$.
特斯拉是該公司的第三大控股公司 $THE FUTURE FUND ACTIVE ETF (FFND.US)$，之後 $谷歌-A (GOOGL.US)$ 和 $英偉達 (NVDA.US)$。
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."
布萊克說，特斯拉的科技競爭對手一直在向股東返還現金，並補充說：“與其讓現金不受控制地在投資回報率爲4-5％的水平上積累，這是明智的做法。”
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:
布萊克說，自由現金流是指爲新工廠、機器人、機器人出租車、研發等預留資本支出後剩下的現金。他指出，自由現金流只能用於以下其中一項：
Pay down debt
Dividends
Acquistions
Share buybacks
Let cash build up
償還債務
分紅
收購
股票回購
讓現金積累
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.
爲何重要：回購是向股東返還現金的一種方式，從技術上講，它會減少已發行股票的數量，進而提高每股收益。
$Meta Platforms (META.US)$ recently initiated a maiden dividend, and the announcement, along with solid quarterly results and positive guidance, led to a strong upside in shares.
$Meta Platforms (META.US)$ 最近啓動了首次分紅，該公告加上穩健的季度業績和積極的指導，帶動了股價的強勁上漲。
Black said he also sees buybacks as a means to boost Tesla CEO Elon Musk's voting control in the company.
布萊克說，他還將回購視爲增強特斯拉首席執行官埃隆·馬斯克對該公司的投票控制的一種手段。
"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.
他說：“如果TSLA董事會將新的2024年首席執行官補償計劃與爲期多年的500億美元回購（@每股2.5美元=2億股股票）相結合，股票分母可能會縮水約6％，從而使 @elonmusk 更容易獲得25％的所有權。”
Musk recently advocated for granting himself 25% voting control to give him more autonomy in driving advanced AI initiatives at Tesla.
馬斯克最近主張給予自己25％的投票控制權，讓他在推動特斯拉先進的人工智能計劃方面有更大的自主權。
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.
布萊克認爲，該股的下一個催化劑是馬斯克2018年薪酬計劃的潛在解決方案，這樣特斯拉就可以及時派出2024年的代理人及其新的薪酬計劃。特拉華州財政法院最近裁定宣佈董事會於2018年批准的這位億萬富翁的560億美元薪酬計劃無效。
Tesla ended Friday's session down 0.25% at $199.95, according to Benzinga Pro data.
根據Benzinga Pro的數據，特斯拉週五收盤下跌0.25％，至199.95美元。