Tesla Inc (NASDAQ:TSLA) is in the spotlight after CEO and founder Elon Musk responded with the following tweet to an investor group comprising of the California State Teachers’ Retirement System and several other major pension funds that had asked for a more independent board at Tesla. As it stands, five of the six current board members of Tesla have either professional or personal relationships with Musk. Elon tweeted, ‘This investor group should buy Ford stock. Their governance is amazing …’. He later followed up with the tweet, ‘Besides, I already said we’d add more independent members during SCTY merger. Will announce soon, but this group has nothing to do with it’. Although Musk isn’t exactly known for his PR skills, investors are heartened that Tesla will add more independent board members. Given Musk’s reply, it certainly seems that Elon wants to retain full control of the company. Tesla investors aren’t complaining however, as shares of the stock are up substantially year-to-date under Musk’s guidance.
What Does The Smart Money Sentiment Say?
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According to our data, 38 top funds owned shares of Tesla Inc (NASDAQ:TSLA) as of the most recent 13-F reporting period, up 4 funds from the previous quarter. Together those 38 funds held 3.5% of Tesla’s long float. Meanwhile, many hedge funds are likely short. More than a quarter of Tesla’s float is on borrow.
The Bottom Line
Tesla Inc (NASDAQ:TSLA) shares are trending after Elon Musk told investors to buy Ford if they didn’t like the way things were at Tesla. For more reading, check out ‘Solar Roadways and Solar Road Panels: Debunked/Busted or A Great Idea?‘.