San Francisco, Dec 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.
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.vc/arm
Tesla’s valuation rises to more than $1 trillion: Report
However, it is now in reverse.The stock of Tesla soared 7 percent, which is crazy for such a valuable company.According to a report, Tesla’s stock now trades at $1,000 per share.
This gives the company a market capitalization of more than $1 trillion. This recent price surge occurred on a slow day of news.
Musk stated that he believed he had sold enough shares that it satisfied his promise that he would only sell 10% of Tesla stock.
Tesla disclosed in its last filing that Musk has still 2,637.455 stock options available to him under the September plan.According to the report, Musk will not be selling additional shares beyond what was required by his compensation plan.
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