Elon Musk-Owned Tesla Rises Back to Over $1 Trillion in Market Valuation: Report
But it has had a reversal. Tesla's stock surged by 7 per cent, which is wild for a company that valuable. The stock has now settled past $1,000 a share, which gives it back a market capitalisation of over $1 trillion, the report said on Wednesday.
San Francisco, December 23: Elon Musk-owned electric vehicle company Tesla has surged 7 per cent to rise back to over $1 trillion in market valuation, media reports said. According to the auto-tech website Electrek, ever since Musk announced that he will sell 10 per cent of his stake in Tesla, the company's stock has been suffering.
Earlier this week, it lost the incredible gains it made following the announcement that Hertz would be buying 100,000 Model 3 vehicles, which pushed Tesla's stock to over $1 trillion for the first time.
But it has had a reversal. Tesla's stock surged by 7 per cent, which is wild for a company that valuable. The stock has now settled past $1,000 a share, which gives it back a market capitalisation of over $1 trillion, the report said on Wednesday. Philadelphia Woman Gives Birth to Baby on Front Seat Of Tesla Electric Car on Autopilot.
The recent surge happened on a slow news day, and the main new information that contributed to the price increase appears to be Musk saying that he believes he sold enough shares to satisfy his statement that he would sell 10 per cent of his Tesla stocks.
In Tesla's last filing, the company disclosed that Musk still has 2,637,455 stock options to exercise as part of the plan set in September. However, it sounds like Musk won't be selling any additional shares other than what was part of his compensation plan, as per the report.
(The above story first appeared on LatestLY on Dec 23, 2021 06:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).