Shares of Tesla closed up more than 6% on Wednesday amid widespread market selling. The company’s stock is down more than 30% this year. Repurchase of shares – when a public company uses cash to buy its own shares on the open market – is a method used by companies to try to return capital to shareholders.
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Repurchases climbed to a record $ 850 billion in 2021. During the year, Apple recently repurchased more of its shares than any other public company, followed by Alphabet and then Down. Alphabet announced another $ 70 billion repurchase last month.
Agree! @MartinViechaTesla must announce immediately and buy back $5 billion of Tesla shares from its free cash flow this year and $10 billion from its free cash flow next year, without effecting its existing $18 billion cash reserves with ZERO debt. https://t.co/Y7p52Ojn8q
— KoGuan Leo (@KoguanLeo) May 19, 2022
Coguan gambled on Tesla early in the Corona, according to a Forbes report from October, which said it had made billions by using the electric vehicle maker for a long time. Coguan reportedly put his entire investment portfolio in Tesla after selling its shares in other companies such as Baidu, Nvidia, China Mobile and Nio.