Tesla investors are begging CEO Elon Musk and the board of Tesla to consider buying back shares as the company’s stock price slumps to a two-year low. Tesla stock was trading at $183.20 after hours on Wednesday, and its market capitalization has plunged by almost $700 billion since its peak a year ago.
Musk said during Tesla’s Q3 earnings call that the company is likely to do a “meaningful buyback” next year, possibly between $5 billion and $10 billion. Last week, he said it would be “up to the Tesla board” to decide.
Buying back shares from the marketplace would reduce the number of outstanding shares available, which increases the ownership stake of current shareholders …
