Billionaire investor Bill Ackman pitched Elon Musk to move Tesla's HQ to a Howard Hughes community. Here's why.
He asked Musk to "please take a close look" at Howard Hughes' Summerlin community in Nevada, highlighting its proximity to Tesla's Gigafactory in the state. He added that if Musk changes his mind about owning a home, Summerlin boasts a luxury community that could suit him.
. Ackman stands to benefit if Musk moves Tesla's base to a Howard Hughes community. His fund, Pershing Square, boosted its stake in Howard Hughes more than five-fold to 12.2 million sharesThe hedge-fund chief may be especially eager to attract Tesla given Howard Hughes' current challenges. The company's stock price has cratered 60% since the start of 2020, largely because its communities are in places such as Las Vegas and Hawaii that have been hit hard by travel restrictions and business closures in response to the pandemic.Musk is ostensibly seeking a new home for Tesla because officials in Alameda County, California, ordered the electric-car maker not to reopen its factory due to local lockdown measures.
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