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.
