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Global anti-Elon Musk protests planned at nearly 200 Tesla showroom locations (www.theguardian.com)

submitted 8 months ago by SalaciousBCrumb@lemy.lol to c/world@quokk.au

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Hundreds of protests at Tesla showrooms are planned across the US and internationally on Saturday. Organizers have dubbed it Tesla Takedown’s Global Day of Action, the latest and largest in a series of demonstrations that began shortly after Donald Trump was inaugurated. Organizers say the rallies will take place in front of more than 200 Tesla locations worldwide, including nearly 50 in California alone.

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[–] pelespirit@sh.itjust.works 11 points 8 months ago (1 children)

Keep it up everyone, he's over leveraged:

The Hilarious Reason Why Elon Musk Is Panicking Over Tesla Stock Value

In a 2024 SEC filing, Musk was listed as holding a whopping 238,441,261 shares of Tesla stock that were “pledged as collateral to secure certain personal indebtedness.” At the time, he held 715,022,706 shares in total, according to the filing, meaning that roughly one third of Musk’s shares were serving as collateral for his loans.

It’s unclear exactly how much of Musk’s shares are held in collateral now. Musk currently owns 410 million shares of Tesla stock, a roughly 12.8 percent stake in the company, according to Investopedia. The value of those shares, including those held as collateral, appears to be dropping every day he plays pretend as the unelected bureaucrat leading the Department of Government Efficiency.

Here’s where Musk’s problem emerges: If the stock price goes low enough, the banks Musk borrowed from could force him to sell his shares.

[–] disguy_ovahea@lemmy.world 7 points 8 months ago (1 children)

He’s also being charged by the SEC for defrauding Twitter shareholders of over $150M.

https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26219

[–] pelespirit@sh.itjust.works 4 points 8 months ago (1 children)

This is trump's admin though, won't they try and give him a slap on the wrist and bury it? That was my take anyway, but I could be wrong.

[–] disguy_ovahea@lemmy.world 0 points 8 months ago

It’s fine if they bury it. The statute of limitations is five years. Plenty of time to properly prosecute.