2024-10-25 00:10:03
The world’s richest person got much richer Thursday as Tesla CEO Elon Musk enjoyed a major rally for Tesla stock after the electric vehicle company’s latest earnings report encouraged Wall Street.
Tesla CEO Elon Musk, center, is more than $50 billion richer than anybody else.
AFP via Getty ImagesTesla’s share price spiked more than 20% by midafternoonThursday, holding the massive off hours trading surge.
That came as investors reacted positively to the big third-quarter profit beat, the most cash generation in eight quarters and several encouraging tidbits shared by Musk on the accompanying analyst conference call, such as a prediction for up to 30% vehicle delivery growth in 2025, reversing this year’s 2% year-over-year delivery decline through the first three quarters.
The earnings report “reminds us growing the auto business profitably remains a high priority for Tesla,” wrote Morgan Stanley analyst Adam Jonas, alluding to prior concerns about Tesla’s shrinking profit margins as it emphasizes self-driving car initiatives.
The rally added $24 billion to the fortune of Tesla’s largest shareholder Musk, whose lead as the wealthiest person alive grew to more than $55 billion, according to our calculations.
Thursday is on pace to be Tesla stock’s best day since May 9, 2013.
Despite the overwhelmingly positive stock reaction, this wouldn’t be a Tesla event if it wasn’t polarizing. Bernstein analyst Toni Sacconaghi slammed Wednesday’s earnings call as “more akin to a pep rally” than a typical meeting, noting the company took an unusually light two questions from sell-side analysts covering the stock.
$140 billion. That’s about how much market capitalization Tesla added Thursday. The rally turned the stock’s year-to-date performance from a 14% loss through Wednesday to an almost% gain.
Musk reportedly received a letter from the Justice Department warning his pro-Donald Trump political action committee may be breaking federal law by awarding $1 million to certain swing state voters, as Musk becomes one of the biggest political donors this election cycle with his backing of the GOP candidate Trump.
2024-11-06 14:50:03 Source: Election results and race calls are from The Associated Press. The Times…
Planning a get-together this Diwali season? We bet you are already thinking about the party…
The Centre has clarified the General Provident Fund (GPF) disbursement to government employees upon retirement.…
iOS 18.1 was recently rolled out for eligible iPhone users around the globe and the…
“The Diplomat” is currently the most popular show on Netflix, according to the platform’s public…
2024-11-06 14:20:03 Republican Bernie Moreno, a Colombian immigrant who became a high-profile Cleveland car dealer,…