To mark this moment in the history of insane stock prices where a tiny automaker with a global market share of 0.5% and a big loss in 2019 became the most valuable automaker in the world.
Look, I’m rooting for Tesla, a tiny auto maker shaking up the giants, with its global market share of 0.5% and $862-million loss in 2019. But Tesla gets to have supernatural shares that can go anywhere at will.
Here come the “bankruptcy-remote special-purpose subsidiaries” and $14.5 billion in rental-vehicle-backed securities. The stock market – other than Carl Icahn – smelled a rat for years.
Now at least, price discovery can take place amid a more ample flow of vehicles. But the entire industry dreads a Hertz bankruptcy could cause lenders to liquidate its fleet.
