If you're going to ignore the terms of the conversion, of course it's going to look extremely cheap. Tesla spent over 10% of the money they raised (in equity+de

If you're going to ignore the terms of the conversion, of course it's going to look extremely cheap. Tesla spent over 10% of the money they raised (in equity+debt) on partially hedging against the potential dilution from the conversion, so clearly they didn't see the terms as rosily as you do. Then you jump to how much debt Ford has, but the vast majority of it is in their financial services division. Having large amounts of debt is not some red flag, it's the nature of the business - well or poorly run. I'm not exactly a Tesla fan, but there are plenty of good things you could say about the company without resorting to manufacturing whatever the opposite of FUD is called. https://www.fool.com/investing/general/2016/03/11/why-ford-motor-companys-debt-often-misunderstood.aspx https://www.fool.com/investing/general/2016/03/11/why-ford-m...