>If conditions are met, and all bondholders convert, Tesla would suddenly gain $920 million worth of much-needed financial flexibility. To spark a conversion, T

>If conditions are met, and all bondholders convert, Tesla would suddenly gain $920 million worth of much-needed financial flexibility. To spark a conversion, Tesla needs to boost its stock price to $359.87 or higher at some point in the three-month period between Dec. 1 and Feb. 28. The higher the price goes, the more likely holders will convert. Funny, the strike price ($359.87) is already below the current stock price (360.47) >(Under the bond agreement, Tesla can choose to pay the bonds off in cash, rather than exchange debt for stock. But given its cash needs, that’s highly unlikely.) Elon already said he intends to paid back the debt with cash rather than convert. They confirmed on the last earning call that they plan to pay back all debt with cash flow, and ramp up to 500K Model 3 per year with minimal spending (i.e no more cap raise). If this happens – while the competitors start facing troubles switching to electric, with plummeting profit margins, their market cap will reach a point where they can buy out a competitor. I bet they'd start by acquiring Panasonic cell manufacturing activities though, to further accelerate their tech lead. Remember that they own 60+% of global car battery production today, and their share continues to rise as they ramp up Model 3 (only 1/3 of the 1rst Gigafactory capacity is built yet, and the Shanghai plant is already under construction). Now, wait for the production of Model Y, the Semi and their upcoming Megapowerpack… Tesla's market cap has surpassed BMW and Daimler in the past two weeks. Someday, Wall Street will recognize that Tesla is the first (and only?) company to have crossed the chasm to all-electric, and maybe even realize that Tesla owns a big part of the renewable energy business thanks to multiyear technological advance and multi-industry economies of scale.