This article comes from WeChat public account: East Fourteen Capital (ID: DsstCapital) , author: Chai good news

Even after pouring out, Musk has never been able to get Wall Street support. “The least likely business” was what Wall Street thought of Tesla then, and it is the same today.

In early 2020, Tesla announced its 2019 “transcript” on its official website.

“In the past year, Tesla delivered a total of 367,500 electric vehicles. The number of tasks set at the beginning of the year was (delivered 360,000 to 400,000 units) At the same time, it also set a new record in the 16 years since its establishment, a 50% increase in delivery compared to the previous year. “

The capital market is jubilant.

As of January 31, 2020 local time, Tesla’s stock price closed at US $ 650.57 per share, with a total market value of US $ 117.62 billion. It is worth mentioning that since January 13, 2020, Tesla’s stock price exceeded the $ 500 mark for the first time. The company’s total market value surpassed Mercedes-Benz, BMW, Ford, General Motors, etc., and became the world’s highest US car company by market value.

Tesla’s 2019Q3 financial report shows that Tesla’s top five institutional shareholders are respectively Baillie Gifford ( 7.47% of the shares) , Capital World Investors (5.69% of the shares) , Public Investment Fund (4.60% shares) , Vanguard Group (4.40% shares) , and BlackRock (3.56% of the shares).

However, in the six rounds of financing records before Tesla’s listing, the aforementioned five institutions have not been found, that is, Tesla’s AF round of investment institutions before listing They are no longer among the current core institutional shareholders.

Chinese institutional shareholders are also rushing to exit. Tesla Capital, which had significantly increased its holdings in Q2 2019, has reduced its holdings by 67.06% in Q3 2019. In 2017, Tesla’s fifth-largest shareholder, Tencent, has “retired.” Regarding the specific exit time and investment return, Tencent said to China Investment Network, “it is not convenient to respond.”

One year’s market value has increased 5 times, “Thank China”

Musk, Tesla’s largest shareholder and “corner investor”, is the biggest winner.

Tesla financing table (Data source: CVSource, tabulation: cast in the network)

From round A to round E, Musk has continued to lead Tesla’s investment and invested more than 100 million US dollars. Today, as Tesla’s largest shareholder, (close to 22%) , Musk’s personal return on investment is as high as 200 times.

Not only that, according to the previous salary incentive plan, if Tesla’s market value reached 100 billion U.S. dollars and met one of the 16 operating results, Musk could Received approximately 1.69 million shares of stock awards, valued at close to $ 938 million.

On January 15, 2020, Musk ranked No. 36 on the Forbes Global Rich List with a wealth of 28.7 billion US dollars, second only to Hong Kong property riches Li Ka-shing and Lee Siu-ki .

Interestingly, as Musk’s friend, Ellison, founder and chairman of Oracle, has “lied down and made” $ 600 million in the past year.

In December 2018, Ellison purchased 3 million shares of Tesla’s board before joining it. These shares were worth $ 1 billion at the time and today are worth more than $ 1.6 billion.

Tesla’s 2019 was originally low and low.

At the beginning of 2019, Musk’s live smoking of marijuana caused Tesla’s stock price to plummet, and thenSend Twitter announcing that the company has locked the funds out of the market. In the first quarter of 2019, Tesla made a huge loss, with a loss of $ 702 million exceeding analysts’ expectations. At the same time, the company’s sales declined, and the available cash on the books fell sharply. In May 2019, Musk sent a full email to employees saying that if hard-core measures were not taken, the company would burn out its funds within 10 months.

The rumors of layoffs and closing of offline stores have never stopped, and Tesla’s stock price once fell to $ 190.

In just a few months, the Chinese market has saved all this.

The latest information released by Tesla shows that the company achieved a record of nearly 105,000 vehicle production and a record of approximately 112,000 in the fourth quarter of 2019 Vehicle delivery. For the full year of 2019, Tesla delivered approximately 367,500 vehicles, an increase of 50% over the previous year, and achieved its full-year goal.

“Entering the Chinese market and exceeding Wall Street’s expected delivery in the fourth quarter are the main reasons why Tesla’s stock price continues to soar.” Consumer News and Business Channel Analysis said .

On January 7, 2020, the annual CES show was held in Las Vegas, but Musk did not attend, but chose to fly for more than ten hours Go to Shanghai to attend the Model 3 delivery ceremony.

At the scene, Musk almost choked and said, “Thank China,” and was happy to strip off.

On the same day, Tesla announced the launch of the Model Y car project at the Shanghai Super Factory. The first Model 3 cars were also delivered to the public in Shanghai.

The latest information released by Tesla shows that at present Tesla’s Shanghai super factory has produced nearly 1,000 vehicles for sale and reached 3000 per week Production speed of more than Taiwan.

The New York Times quoted people familiar with the situation on the Wall Street, saying that “Rothesla Model 3’s market share in the United States can be replicated in China, and this logic can be extended. By Model Y, Tesla’s annual sales in China will eventually exceed 650,000. “

Tencent quits, Gao Zhi reduces holdings

Tesla’s 2019Q3 financial report shows that as of now, Tesla’s A-F investment institutions before the listing have been excluded from the core institutional shareholders.

At present, Tesla’s top five institutional shareholders are respectively Baillie Gifford (accounting for 7.47% of the shares) , Capital World Investors (share 5.69%) , Public Investment Fund “> (4.60% of the shares) , Vanguard Group (4.40% of the shares) , and BlackRock (accounting for 3.56% of the shares) , the shares are held on the secondary market.

Changes in shareholders of Tesla’s core institutions from June 30, 2019 to September 30, 2019 (Source: Tesla’s 2019 Q3 financial report)

It is worth mentioning that Tesla’s few Chinese institutional shareholders are well-known “capital masters”.

One of them is Tencent. In March 2017, according to documents submitted by Tesla to the SEC, Tencent bought more than 8 million Tesla shares and held 5% of Tesla’s shares, becoming Tesla’s fifth largest shareholder. It is understood that Tencent was a passive stock at that time, that is, a financial investor, and would not be involved in Tesla’s operations and management.

The documents show that the price Tencent acquired was about $ 1.778 billion, or about $ 217.67 per share. If Tencent’s exit time is when Tesla’s stock price rises, the value of its shares may double.

However, since Tencent is no longer a shareholder of the company, it is impossible to verify the exit time and investment return. The investment network to verify this information to Tencent internal staff,The other party stated, “It is not convenient to respond at this time.”

The second is high capital. Tesla’s 2019Q3 financial report shows that Gaofeng Capital currently holds 0.10% of the shares.

Golden Capital ’s reduction of Tesla ’s holdings is from June 30, 2019 to September 30, 2019, during which Tesla ’s stock price was $ 211.4 264.88 US dollars, reducing the holding of 349,200 shares.

Golden Capital reduces Tesla’s shareholding (Source: Tesla’s 2019 Q3 financial report)

At the same time, Tesla 2019Q2 shows that the entry stage of Gao Capital is from March 30 to June 30, 2019, during which Tesla’s stock price was 291.81 to 178.97 US dollars, an increase of 520,600 shares.

Golden Capital’s increase in Tesla’s shares (Source: Tesla’s 2019Q2 financial report)

In the process of “one in and one out”, the specific investment return of Gao Capital is also unknown. However, according to the current growth trend of Tesla’s stock price, Gaofeng Capital’s existing 171,400 shares can still bring relatively rich returns to it.

At the same time, in January 2020, a number of Tesla industry chain companies issued announcements of reductions. 1% shares, Changxin Technology also announced plans to reduce its holdings.

However, in the long run, many institutions are still optimistic about Tesla’s related industry chain.

Orient Securities believes that the current domestic production rate of domestic Model 3 parts is about 30%. In the future, in the process of further increasing the domestic production rate, there will be more Domestic component suppliers enter Tesla’s supply chain. “Tesla’s rapid development provides growth opportunities for domestic listed companies entering its supply chain.”

Write it at the end

Tesla has been legendary since the beginning of the story.

In 2003, Musk, a 32-year-old “young talent”, sold PayPal and was determined to start a business. At that time, many people thought that electric cars were too slow to runIt’s ugly and looks just like a golf cart.

To break people’s stereotypes, Tesla Roadster came into being: an electric sports car with fast speed, long running distance and attractive style.

Unsuccessful.

In 2008, Tesla experienced a serious financial crisis: on the one hand, the company had no money to continue on its books; on the other hand, Roadster delayed listing due to manufacturing issues . In December of the same year, the chief financial officer told Musk: the accounts can only be maintained for three days. The lawyer drafted the legal documents to declare bankruptcy and waited for his signature to confirm.

Unlike the perfect fairy tale, at the end of this capital game, spring has not arrived.

Tesla can survive if Musk changes the seller’s production and raises $ 80 million. For another adventure, he said, “If investors invest, morally I should also invest money together. I should not ask others to do things that they are not willing to do.”

Even after pouring out, Musk still couldn’t get Wall Street support. “The least likely business” was what Wall Street thought of Tesla then, and it is the same today.

A few times, Musk’s spirit was on the verge of collapse. But, “I don’t know what to give up.” Iron Man told the world when questioned.

This article comes from WeChat public account: East Fourteen Capital (ID: DsstCapital) , author: Chai good news