UAE

Life and Living

World

Opinion

Business

Sports

Entertainment

Dubai World Cup

lifestyle

Travel

Reviews

Brands

Supplements

KT Events

KT APPDOWNLOAD

Musk-run Tesla hit $100-bn market value for first time

Top Stories

Embracing the bright side: A guide on how to cultivate optimism

The power of solitude: Why you should go on a solo trip

How to get your kids to read: Essential tips for parents
Musk-run Tesla hit $100-bn market value for first time

Published: Wed 22 Jan 2020, 6:24 PM

Last updated: Wed 22 Jan 2020, 8:26 PM

Signalling an all-electric future is coming our way, Elon Musk-run Tesla has hit the $100 billion in stock market valuation for the first time.
Tesla shares were last up 1.4 per cent at $555 after trading was closed on Tuesday, reports CNBC.
The milestone came less than a month after Tesla's stock crossed $420 -- a price Musk tweeted last year which put him in much trouble.
The $100 billion valuation must stay for both one-month and six-month average in order to help Musk get first of 12 tranches of $346 million in a record-breaking pay package.
Tesla is currently valued more than Ford Motor and General Motors combined.
Musk lost his position as Tesla Chairman after posting a notorious tweet in August last year that he was "considering taking Tesla private at $420. Funding secured".
The US Securities and Exchange Commission (SEC) sued Musk over the tweet, saying he misled investors by claiming falsely he had lined up funding for the take-private transaction.
Musk reached a settlement with the SEC, agreeing to give up his role as Tesla Chairman and pay a $20 million fine.
Tesla surprised Wall Street in October by registering a profitable third quarter with a total revenue of $6.3 billion riding on sales of its Model S, Model X and Model 3 electric cars.
In the third quarter, automotive revenues were $5.35 billion. Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth.
- IANS

  • Follow us on
  • google-news
  • whatsapp
  • telegram

More news from