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   DealBook: Tesla's trillion-dollar milestone
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   Even in a rarefied club, Elon Musk's car company stands out.
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             October 26, 2021
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                  Is Elon Musk looking at Tesla’s stock price?
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                  Brendan McDermid/Reuters
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             The newest member of the trillion club
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             It finally happened: Tesla yesterday attained a
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              $1 trillion market cap
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             — a rarefied level previously reached only by Apple, Microsoft, Amazon and Alphabet — thanks to a roughly $4 billion deal to sell 100,000 vehicles to the rental car company Hertz. But it’s worth remembering how Elon Musk’s company differs from the rest of that group:
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              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                It has a junk bond rating.
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               Tesla’s nearly $10 billion in long-term debt
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                was recently raised
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               to BB+, one level below investment grade.
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              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                Regulators had accused its C.E.O. of securities fraud.
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               Musk and the company settled a lawsuit by the Securities and Exchange Commission, without admitting guilt, for $40 million.
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              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                Its sales and earnings are far lower than others.
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               Tesla is forecast to earn $6 billion next year, a fifth as much as Amazon, and nearly a twentieth of Apple.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The debate over Tesla’s valuation rages on.
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             Tesla is worth more than virtually every other major carmaker in the world
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              combined
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             . Analysts are squarely of two minds about its current level. In the bull camp: Daniel Ives of Wedbush Securities, who
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tweeted
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             yesterday, “Tesla hitting $1 trillion is just for starters.” In the bear camp: Craig Irwin of Roth Capital Partners, who wrote in a client note last week that Tesla’s stock — which then traded at 173 times next year’s earnings — was “egregiously overvalued.”
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              What’s undeniable is Musk’s rapidly rising net worth.
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             Tesla’s latest accomplishment puts its C.E.O. above Jeff Bezos as the world’s richest person, and Musk could be setting a new high bar for executive compensation. Three years ago, when Tesla was worth $50 billion, the company’s board
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              promised Musk
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             a huge grant of stock if he could, among other things, bolster the company’s market value beyond $650 billion. Last week, Musk collected a stock grant worth roughly $8 billion. He could qualify for another $8 billion stock payout as soon as the middle of next year.
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              A unionization drive at Amazon warehouses in New York City advances.
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             The National Labor Relations Board
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              ruled yesterday
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             that the campaign at Staten Island facilities could go to a vote. A Times investigation this year found that Amazon
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              had pressured employees
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             at one warehouse to return to work before Covid case counts were under control.
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              Joe Manchin is closer to a “yes” on President Biden’s spending plan.
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             The West Virginia senator said
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              he was open
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             to a plan to
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              tax billionaires’ unrealized capital gains
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             as a way to pay for the expansive budget package. But a potential sticking point remains: the
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              overall cost
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             of the Biden plan.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Leon Black may face more legal scrutiny.
             </span>
             The billionaire is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reportedly being investigated
             </a>
             by the Manhattan district attorney’s office over claims by two women claims that he sexually assaulted them, according to Vanity Fair. (Black has denied the accusations.) He, who was the main client of the disgraced financier Jeffrey Epstein in recent years,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              stepped down
             </a>
             as Apollo Global Management’s chief this year.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The F.C.C. will get its first permanent female leader.
             </span>
             The White House is expected to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              name Jessica Rosenworcel
             </a>
             as the agency’s formal head, months after she took on the role on an acting basis. Rosenworcel is known for opposing the Trump administration’s efforts to roll back net-neutrality rules.
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              Volvo shrinks its I.P.O. after investor pushback.
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             The Swedish carmaker will sell
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              20 percent fewer shares
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             in its stock offering and cut its pricing expectations, after prospective investors expressed concerns over the company’s valuation and how much control its Chinese parent, Geely, would have.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Tyson Foods is more than 96 percent vaccinated
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Nearly three months after Tyson mandated vaccines for all of its 120,000 U.S. workers,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              almost all are vaccinated
             </a>
             , the company’s C.E.O., Donnie King, wrote in an employee memo this morning. Those results will be closely examined by other corporate leaders, as they await more details about the Biden administration’s plan to
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              order large employers
             </a>
             to require coronavirus vaccination or weekly testing.
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              Nearly 60,000 Tyson employees got vaccinated after the mandate,
             </span>
             King wrote. The meatpacking giant announced its policy on Aug. 3, when less than half of its workers were inoculated. Tyson was one of the first major companies to require vaccinations after incentives like paid time off started to lose traction. Its stance was notable because the mandate included frontline workers, even amid
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              labor shortage concerns
             </a>
             .
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              “We hit this number thanks to the many, many thousands of individual conversations,”
             </span>
             King said. To help encourage vaccinations, executives visited plants to conduct small group conversations about the vaccines and hosted a panel with doctors to address common vaccine myths.
            </p>
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              Tyson is offering religious and medical accommodations to the mandate.
             </span>
             It does not have a cutoff date for evaluating those considerations, a spokesman told DealBook. Tyson will assess those accommodations “based on careful consideration of the individual facts and our commitment to the safety of our employees.” But some unvaccinated employees who are granted exemptions will be placed on leave.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Beyond Facebook’s P.R. woes
            </h2>
           </td>
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         </tbody>
        </table>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Yesterday was a tough day for Facebook’s reputation, as more than a dozen news organizations published reports based on thousands of internal documents leaked by a former product manager turned whistle-blower. But there are important concerns beyond the P.R. hit: Does Facebook face legal or financial hits from the flood of revelations?
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              On the legal front:
             </span>
            </p>
           </td>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Whistle-blowers have
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                filed at least nine complaints
               </a>
               against Facebook with the S.E.C., The Times’s Cecilia Kang reports, accusing the company of misleading investors about its business health in a number of ways, including downplaying its
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                fears of losing younger users
               </a>
               and exaggerating its efforts to stop the spread of misinformation and hate speech. Experts say a case from securities regulators probably isn’t a guaranteed winner because regulators would have to show that executives had intended to deceive and that disclosing such debates would have changed investors’ behavior.
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               But the leaked documents do show internal metrics depicting Facebook’s overall market dominance in key areas, despite the company’s declining popularity among younger users. Those could be helpful in the Federal Trade Commission’s antitrust case against the company,
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                according to Politico
               </a>
               .
              </span>
             </li>
            </ul>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              On the business front:
             </span>
            </p>
           </td>
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             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Facebook reported a
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                17 percent jump
               </a>
               in quarterly profit compared with the same period a year ago. Advertising revenue rose 33 percent despite the company’s concerns that new restrictions on ad-tracking on iPhones would hurt its business, and shares in the company rose over 2 percent in after-hours trading.
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               That said, company executives warned of potential hits to future results. Mark Zuckerberg told analysts that the company would
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                refocus on younger users
               </a>
               — a move meant to keep its platforms relevant — but that the effort would take years. And Zuckerberg warned that investments in its so-called metaverse business of virtual and augmented reality would dent its 2021 profits
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                by $10 billion
               </a>
               .
              </span>
             </li>
            </ul>
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        </table>
       </div>
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           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “The original sin was an oversized American Rescue Plan. It contributed to both higher output but also higher prices.”
            </h2>
           </td>
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         </tbody>
        </table>
       </div>
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           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Jason Furman, a Harvard economist and Obama administration official, who is one of a growing number of economists who say President Biden’s
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               struggle with inflation
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              is self-inflicted.
             </span>
            </p>
           </td>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Why experts are worried about the Trump SPAC
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Shares of
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Digital World Acquisition
             </a>
             — the SPAC that agreed last week to take Donald Trump’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              media start-up
             </a>
             public — have soared over 850 percent since the deal was announced. That’s probably because of the former president’s following. But securities experts tell DealBook that the trading also highlights problems with the general structure of SPACs — and this one specifically.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td style="padding:0 0 5px">
            <ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                SPACs generally have relatively few shares available to trade
               </span>
               because sponsors and anchor investors typically hold up to 30 percent of a fund’s total shares. The
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                prospectus for Digital World’s I.P.O.
               </a>
               disclosed that the deal’s 11 anchor investors indicated that they would buy up to 91.3 percent of the SPAC’s shares in the offering, though it’s unclear if they have done so. That scarcity often helps push up a fund’s stock price, as investors bid up for relatively few shares. But it can also create a risk for investors who buy in afterward if anchor investors decide to dump their shares all at once. Several initial investors,
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                including Saba Capital
               </a>
               , have said they’re selling their unrestricted holdings in Digital World.
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
                It’s harder to bet against a SPAC.
               </span>
               James Angel, a finance professor at Georgetown University, notes that the limited number of available shares in the days after the merger was announced meant that it wasn’t easy for investors to borrow shares to short Digital World’s stock, which can help cap a runaway stock price. (That said, the short-seller Iceberg Research said it had
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                There’s little available on the deal.
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               SPACs have been criticized for disclosing few details about a target company, and Trump and Digital World have offered even less than normal: Their deal’s announcement, for instance, doesn’t even name a C.E.O. for the new social media company.
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             These factors could lead to an array of consequences for SPACs. The frenzied trading in Digital World appears to have cooled off since last week, and some traders may already be nursing losses. If retail investors end up taking a bath on the Trump SPAC, it will give regulators — who are already looking closely at these blank-check funds — a high-profile example of why SPAC regulations need an overhaul.
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               United Airlines said unvaccinated pilots are costing it nearly $3 million a month. (
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