Capitalistpig Hedge Fund’s Jonathan Hoenig and FoxNews.com automotive editor Gary Gastelu discuss the recently released Tesla earnings report.
Elon Musk has become one of the richest people on the planet, so why isn’t he paying the rent in his elegant showrooms that display Tesla cars?
Sources told Maria Bartiromo of FOX Business that Musk has tried to agree to a deferment of the rental in some of his 80 showrooms here in the United States. At least one of them here in New York said, “No, we can’t defer the rent.”
But instead of paying the full $ 700,000 a month in rent for the past four months, Musk has paid just half of that, apparently promising that he will pay in August.
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Some speculate that it is a plan to save as many millions as possible in the past three months so that Tesla can show earnings for the fourth consecutive quarter and be eligible for inclusion in the S&P 500.
Deferring half a million dollars here and half a million dollars would certainly move the profit needle: The company reported net income of $ 104 million in the three months to June.
