Tesla (NASDAQ:TSLA) stock is in the news Tuesday as investors call on the company to announce a share buyback program.
This push comes as Tesla experiences what could be the worse year in the history of the company. That includes shares falling with Elon Musk’s purchase of Twitter, as well as the electric vehicle (EV) company dealing with 19 recalls this year.
Elon Musk, founder and CEO of the company, has suggested that a TSLA stock buyback could be on the way to boost investor confidence in the EV company. If that does happen, though, investors won’t likely see it until sometime next year.
TSLA Shareholders Have Started a Petition
Recently, a Change.org petition was created to urge Tesla for a share buyback. That petition is doing well, with about 5,300 signatures at the time of this writing. The petition is seeking a buyback by the end of the year.
Here are a few of the points arguing for a “swift” TSLA stock buyback in the petition.
- “Benefit from a currently very unvalued stock price.”
- “Show confidence in Tesla’s future results.”
- “Act before the 1% tax on share buybacks becomes applicable on Jan 1, 2023.”
- “Operate the buyback under current SEC rules, which will change reporting standards in the foreseeable future.”
TSLA stock is up slightly as of Tuesday afternoon.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.