Liam Denning, Columnist

Elon, It’s Time for a Tesla Buyback. Ugh.

The EV maker is a growth stock without a growth target or any near-term catalyst. Repurchasing shares would help, if it didn't hurt so much.

February 16, 2024 at 11:00 AM UTC

By Liam Denning

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

The sales pitch is wearing thin.
Photographer: Omar Marques/Getty Images Europe

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Tesla Inc. is a car manufacturer that pitches itself, very successfully, as a technology hothouse. So perhaps it will take the most tech-like step possible in 2024: Announce a big stock buyback. Conversely, Tesla is a tech wannabe that is, in essence, a car manufacturer. In which case, maybe it will … launch a buyback.1

Tesla’s stock has had a miserable couple of months, dropping by roughly a quarter since its most recent peak in late December and risking its membership of the stock market’s Magnificent Seven. Meanwhile, that Detroit dinosaur General Motors Co. has been racing along since it announced a $10 billion buyback in November.