Business
Tesla’s ATM visit a likely nod to Robinhood brigade – The Australian Financial Review
Tesla has no urgent need for money. Perhaps Elon Musk simply thinks his business should benefit directly from its soaring stock price, alongside those retail bros who bought in during the pandemic.
Moreover, to do an ATM, a company needs a price robust enough to withstand a stock overhang and bags of liquidity into which to trickle lines of equity. Tesla has both.
The shares have risen sixfold this year on expectations the company will supersede legacy automakers. And stock valued at more than $US56 billion changed hands on Monday alone.
Tesla is the eighth most popular stock on Robinhood, the online trading app favoured by so-called retail bros, according to Robintrack, a monitoring web…
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