By Pam Martens and Russ Martens: February 28, 2025 ~ On June 29, 2010 when the electric vehicle company, Tesla, launched its Initial Public Offering (IPO) on the Nasdaq Stock Market, its underwriters were trading powerhouses on Wall Street: Goldman, Sachs & Co., Morgan Stanley, JPMorgan, and Deutsche Bank Securities. Over the next dozen years, Tesla would utilize these investment banks and others to raise billions more in secondary stock offerings of Tesla shares. It was a very happy marriage. The Wall Street megabanks made big fees on the underwritings and Musk was able to cash out tens of billions of dollars for himself in Tesla stock sales. That happy, mutually beneficial relationship turned sour when Musk borrowed $13 billion from a consortium of the megabanks to help fund his purchase of the social medium platform, Twitter, in 2022. (Musk has since renamed Twitter as “X.”) The banks got stuck with these … Continue reading Who Benefits Alongside Elon Musk If He Succeeds in Killing the CFPB: the Megabanks on Wall Street that Underwrite His Tesla Stock Offerings