As Musk's Open Market Sales Continue Toward $10 Billion In Proceeds, For Him Personally... He Needlessly-Destroys Value.

Ahem. We read that in just this week so far, Musk's strategy of selling his own shares [rather than agreeing to reprice, and extend his options, and use the Telsa treasury largely to handle taxes (where a prior loss-carryforward credit could be absorbed)], has sucked $157 billion out of / from the company's market cap, on the NASDAQ.

And he's less than half-way done, according to his earlier Twitter poll/threads.

Here's the bit, from Reuters:

. . .So far this week, Tesla has lost $157 billion in stock market value, more than the combined market capitalizations of Ford Motor Co., and General Motors Co. . . .

That is... staggering. And almost entirely... avoidable. The Tesla board of directors, and its compensation committee should meet immediately over the Veterans' Day weekend and propose an alternate arrangement to him, daring him NOT to act in his fellow investors' interests.

We shall -- as ever -- see. [I suppose, to be fair -- and suggest that the problem is also the falsely-stratospheric EV market valuations, generally -- Rivian went public this week, without ever having delivered a single vehicle to a real retail buyer, and its market cap is now larger than GM's -- which delivered over a million vehicles, in Q4 2020 alone. Wow.]

Onward, grinning... but Musk is (in Condor's opinion) flirting with both the class-, and private-action / federal securities laws in the US, and the SEC enforcement arms itself, if he persists in this needless course of value destruction at Tesla. . . .

As an aside, it seems J&J is going the route that Merck went, last year, spinning off Organon -- as J&J is splitting into consumer- and pharma-, as separated businesses. Nice.

A great weekend ahead. . . with my baby girl back home, starting next week!

नमस्ते