I have a new piece out on Forbes.com: "Does Elon Musk’s Borrowing Show A Super Low Tesla Stock Valuation?"

There are questions about the stock he uses as loan collateral, how much he's allowed to borrow under recent company rules, and what's being disclosed.

https://www.forbes.com/sites/eriksherman/2025/06/05/does-elon-musks-borrowing-show-a-super-low-tesla-stock-valuation/

Does Elon Musk’s Borrowing Show A Super Low Tesla Stock Valuation?

If that isn’t the case, then Tesla’s board seems to be enabling Musk to borrow against his shares to a much larger degree than the rules they’ve set out.

Forbes