News By/Courtesy: Aakash Raj | 10 Jan 2021 1:49am IST

HIGHLIGHTS

  • New Heights for Tesla
  • Elon Musk richest man on planet
  • Tesla in India

Tesla's market capitalization hit $800 billion, enhancing its reputation as Wall Street's fifth most valuable firm, above Facebook Inc. Tesla Inc's stock soared to close 7.84% higher on Nasdaq on 8th January 2021, bringing the market capitalization of the electric-car company to more than $800 billion for the first time ever. Bloomberg News reported on Thursday that Tesla's stratospheric rally helped its CEO Elon Musk overtake Amazon Inc's top boss, Jeff Bezos, to become the richest man in the world. Tesla Inc's shares gained this week after Evercore ISI upgraded the stock's ranking from underperform to inline stock and increased the price target from $225 to $650. In just one year period, it has surged over 700%. The electric-car producer entered the S&P 500 index in December which is the benchmark for big US stocks and one of the world's most relevant stock-market gauges. In addition to this status generated much buzz for the company in the market. Elon Musk's 21% stake in the automaker, as per Forbes, adds more than $170 billion to its net worth at today's session high, dwarfing the total market capitalization of the three Detroit automakers, General Motors, Ford Motor Co and Fiat Chrysler Automobiles. As per Bloomberg Billionaire's Index, the net worth of founder Elon Musk increased by $14.5 billion a day to $209 billion at the end of Friday. Musk exceeded Jeff Bezos this week as the world's richest male. On Friday, Net worth of Amazon Inc leader stood at $186 billion, while Microsoft's Bill Gates stood at $134 billion. Separately, Reuters announced that the Chinese search engine giant Baidu is preparing to form a smart electric vehicle (EV) manufacturing group, with production to be carried out at plants operated by Geely. Recently, Tesla has released a cheaper version of its sport utility vehicle, the Model Y, taking its price closer to that of the least expensive Tesla car, the Model 3 sedan. The fortunes of the company are an exception as the 17-year-old automaker has a production that is only a fraction of major sales rivals such as Toyota Motor, Volkswagen, and General Motors. However, in Michael Lewis' book "The Big Short," Michael Burry, the businessman whose billion-dollar gamble against the U.S. housing market was immortalized, projected that Tesla stock would experience a similar downturn. Interestingly, very recently, Teslaman revealed that it is preparing to set up Tesla's Indian operations and will most likely launch its first vehicle by mid-2021. While Musk has also made similar promises in the past, the same has been confirmed this time by Nitin Gadkari, the Union Minister for Road Transport and Highways. It speculated that Tesla will release its Model 3 electric car, which is the most affordable vehicle in the brand's stable and also the most successful. Since Tesla is going to carry an initial Model 3 lot via CBU, expect it to be priced north of Rs 50 Lakh. 

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.

 

 

Section Editor: Pushpit Singh | 11 Jan 2021 9:27am IST


Tags : #TeslaOvertakesAmazon #TeslaIndia #ElonMusk

Latest News







Copyright Kalyan Krishna MediaZ Private Limited. All rights reserved. Unless otherwise indicated, all materials on these pages are copyrighted by Kalyan Krishna MediaZ Private Limited. All rights reserved. No part of these pages, either text or image may be used for any purpose. By continuing past this page, you agree to our Terms of Service, Cookie Policy, Privacy Policy and Content Policies.