Musk increased his wealth by $20 billion thanks to the stock jump of the electric vehicle company Tesla and insider shares sales in space technology company SpaceX. Musk founded both companies and is currently their CEO.

Tesla stock closed at an all-time high of $424.77 per share on Wednesday after six straight days of gain. The EV company’s shares are 70.99% up year-to-date and reached a record for the first time since 2021.

Meanwhile, SpaceX sold $1.25 billion worth of shares during an insider sale. This gives the company a valuation of $350 billion, making it the most valuable startup in the world.

Bloomberg estimates that Musk’s net worth increased by $62.8 billion on Wednesday, making it the largest one-day wealth gain on record. His total net worth increased by $218 billion in 2024 alone and is now believed to be around $447 billion.

Besides Tesla and SpaceX, Musk’s net worth has also been boosted by ownership of the social media platform Twitter and artificial intelligence startup xAI. While Twitter is now valued at $12.32 billion compared to the $44 billion price Musk paid for it in April 2022, xAI has almost doubled in value in recent months and is now estimated to be worth $50 billion.

The post Elon Musk Becomes First Individual to Reach Net Worth of $400 Billion appeared first on theprimarymarket.com.

Tesla narrowly missed the analysts’ estimates on revenue, reporting $25.18 billion for the third quarter compared to the expected $25.4 billion. However, the figure represents an 8% year-over-year increase and improvement on $25.05 billion it had in the second quarter.

The company’s adjusted earnings per share, on the other hand, came at $0.72 to beat the estimates of $0. 58. Its margin figure was at 19.8% versus the expected 16.8%, accompanied by an adjusted net income of $2.5 billion and $2.9 billion in free cash flow.

“We delivered strong results in Q3 with growth in vehicle deliveries both sequentially and year-on-year, resulting in record third-quarter volumes,” Tesla stated in a press release.

Tesla also said that the preparations for offering new vehicles are “underway,” sharing that the highly-anticipated affordable model, which is rumored to have a price below $30,000, will launch in the first half of 2025. Company’s CEO Elon Musk added during an earnings call that the expected volume growth in 2025 will be between 20% and 30%.

The investors welcomed the news, causing Tesla’s stock to surge 21.92% and close at $260.48 per share. This marked the stock’s best day in 11 years. It also brought the company’s shares 4.85% up year-to-date.

The post Tesla Stock Surges Close to 22% on Strong Earnings, Cheaper EV Model Timeline appeared first on theprimarymarket.com.

Tesla said it produced 469,796 EVs and delivered a total of 462,890 units from July to September, with the latter being an increase of 6.4% compared to the same period in 2023. However, the mark came below of the analysts’ expectations on multiple levels. Analysts polled by FactSet expected 463,310 deliveries, while analysts polled by LSEG had 469,828 deliveries penciled in.

Despite the miss, there are some positives for Tesla, considering that this was the first growth in deliveries it had seen in 2024. It previously had a 6.5% slide in global deliveries for the first half of the year.

Still, these numbers make it unlikely that Tesla will manage to clear CEO Elon Musk’s goal of surpassing the record of 1.8 million cars delivered in 2023. The EV maker delivered 1,293,656 units in the three quarters and would have to also have a record fourth quarter by a significant margin to get there.

Investors were not particularly pleased with Tesla’s delivery report as the company’s stock dropped by 3.5% on Wednesday to close at $249.02 per share. This resulted in all of the stock’s gains in 2024 being wiped out.

The post Tesla Stock Slides After EV Maker Misses on Q3 Deliveries appeared first on theprimarymarket.com.

Tesla’s struggles and the erratic behavior of its outspoken CEO, Elon Musk, are now making even the company’s most determined backers question their position. One of them is early Tesla investor and EV maker’s longtime backer Ross Gerber, the CEO of financial planner Gerber Kawasaki.

In a recent interview with Business Insider, Gerber said that his clients are pleading with him to exit the company’s position in Tesla. He already started meeting those requests, selling half of Gerber Kawasaki’s Tesla holdings.

Gerber says his firm currently owns $60 million in Tesla shares, and he intends to sell them in the next six months if the company doesn’t complete a turnaround.

“If you’re not making any money and you’re not doing what needs to be done to make the company money or your company do well, I have to move on. It’s just, that’s the way,” Gerber told Business Insider.

Gerber added that the company has to put more focus on advertising and improving its sales in order for its stock not to be considered overvalued.

“I see the stock as really overvalued right now because I don’t think they make any of their numbers,” he explained. “I don’t see how they sell more cars with this current strategy.”

Tesla climbed almost 4% on Friday to close at $214.11 per share. The company is 18.67% down from its year-high $263.26 in early July.

The post Early Tesla Investor is Looking to Sell EV Maker’s Stock If There is No Turnaround appeared first on theprimarymarket.com.

According to Morgan Stanley’s analysts, Tesla has a huge upside thanks to its energy business, which is projected to become more valuable than the company’s EV business in the future. Additionally, Tesla is expected to continue raking in zero-emission vehicle (ZEV) credit revenue as legacy automakers like Ford scale down their EV expansion plans.

Tesla also received points for successfully conducting cost-cutting and restructuring operations.

“We estimate Tesla may account for as much as half the credit sales in the market, supporting a 100% margin business for Tesla that may not be anticipated by the investment community at this time,” Morgan Stanley analysts said in a note shared with clients.

Tesla’s stock plunged by 13% last week after the EV maker shared weaker-than-expected second-quarter earnings. The company reported $0.52 in adjusted earnings per share compared to $0.62 expected by analysts, although it’s $25.50 billion in revenue topped the estimates of $24.77 billion.

However, Tesla shares are on their way to bounce back this week. The stock jumped by 5.60% after Morgan Stanley’s note and closed at $232.10 per share.

The post Morgan Stanley Names Tesla Its “Top Pick” in the U.S. Automotive Industry appeared first on theprimarymarket.com.

During the recent rally, Tesla’s shares jumped 33% and reached $271 per share at one moment, marking their highest point since September. However, news that the previously planned unveiling of the company’s highly anticipated robotaxi was pushed back to October caused the stock to lose more than 12% of its value.

Now, UBS analysts are advising their clients that it is time to sell their Tesla holdings. According to a note sent on Friday, the company’s shares have taken off “too much, too soon” thanks to its perceived artificial intelligence potential, which isn’t guaranteed to come to fruition.

“If market enthusiasm for AI diminishes, this may impact Tesla’s multiple,” said UBS in the note.

Tesla’s stock slightly recovered after the initial plunge and closed at $248.23 per share on Friday. This is still a lot higher than UBS’s price target. The investment bank’s analysts have adjusted their price target on the stock from $197 to $147 per share after downgrading it from “Neutral” to “Sell”.

The post UBS Downgrades Tesla to Sell After Company’s Winning Streak Ends appeared first on theprimarymarket.com.

After hitting a 52-week low at $142.05 in April, Tesla’s stock started a steady recovery before catching fire in July. It currently sits at $252.94 per share, completely erasing the downfall from the start of the year and then some.

Tesla had a rough start in 2024, struggling with a lowering demand for its vehicles. The company made several moves to cut costs and improve its position, including job cuts and lowering the prices of several models to boost sales and be better positioned against rising competition.

The most recent rally can be attributed to better-than-expected delivery results that the company unveiled. Tesla delivered 443,956 EVs in the second quarter, while the analysts expected 439,302 units to be delivered. The electric cars market overall had a good quarter, with other EV makers like Rivian and Lucid sharing promising delivery reports.

Additionally, there has been optimism among investors about the company’s energy business as well as the upcoming introduction of robot taxis. Tesla’s CEO Elon Musk previously reported that robot taxis will be unveiled on August 8th.

The post Tesla Stock Records 9th Straight Day of Gains appeared first on theprimarymarket.com.

Tesla announced it has delivered 443,956 EVs in the past quarter, beating the 439,302 units expected by analysts. The company also produced 410,831 electric cars in the same period. The majority of delivered and produced EVs were models Tesla 3 and Tesla Y.

The numbers are improving from the first quarter when Tesla managed to deliver approximately 387,000 EVs. However, it came below the same period in 2023, when the company delivered 466,140 units.

Tesla also shared that its financial results for the second quarter will be reported on July 23.

“We continue to see scope for improving sentiment in Tesla shares as well as broader EV sentiment as compared with the negative sentiment we have seen over the past ~6 months,” Citi analysts wrote in a note sent to clients.

After a positive delivery report, Tesla’s stock surged by 9% compared to Monday’s close price of $209.86 per share. At its current price of $228.74, the company’s shares are down 7.95% year-to-date but more than 50% up from April’s low.

The post Tesla Stock Jumps as EV Deliveries Beat Expectations appeared first on theprimarymarket.com.

Such gains occurred despite downbeat earnings reported by EV maker Tesla. Stocks in the company fell by 12% after top-line revenue of $25.17 billion for the fourth quarter fell short of an expected $25.87 billion. Adjusted net income totaled $2.48 billion, lower than an expected $2.61 billion. The company lowered its full-year outlook as a result.

Economic data came in hot, with the fourth quarter US gross domestic product (GDP) showing that the US economy grew by 3.3% on an annual basis. This significantly outpaced the 2% growth expected by economists.

The post S&P 500 Reaches New Height as Tesla Slips appeared first on theprimarymarket.com.

While this year’s third-quarter deliveries were higher than last year’s deliveries of 365,923 vehicles, it fell short of the previous quarter’s 479,700 deliveries. Still, the company insists that it is on track to deliver its target of 1.8 million vehicles.

Some analysts have expressed optimism for Tesla’s fourth-quarter prospects, citing factory upgrades that could improve efficiency and lead to a rebound in deliveries. Such improvements should also allow Tesla to introduce new models to compete with U.S. rivals including Ford and BYD.

The post Tesla Q3 Deliveries Miss Estimates appeared first on theprimarymarket.com.

Musk increased his wealth by $20 billion thanks to the stock jump of the electric vehicle company Tesla and insider shares sales in space technology company SpaceX. Musk founded both companies and is currently their CEO.

Tesla stock closed at an all-time high of $424.77 per share on Wednesday after six straight days of gain. The EV company’s shares are 70.99% up year-to-date and reached a record for the first time since 2021.

Meanwhile, SpaceX sold $1.25 billion worth of shares during an insider sale. This gives the company a valuation of $350 billion, making it the most valuable startup in the world.

Bloomberg estimates that Musk’s net worth increased by $62.8 billion on Wednesday, making it the largest one-day wealth gain on record. His total net worth increased by $218 billion in 2024 alone and is now believed to be around $447 billion.

Besides Tesla and SpaceX, Musk’s net worth has also been boosted by ownership of the social media platform Twitter and artificial intelligence startup xAI. While Twitter is now valued at $12.32 billion compared to the $44 billion price Musk paid for it in April 2022, xAI has almost doubled in value in recent months and is now estimated to be worth $50 billion.

The post Elon Musk Becomes First Individual to Reach Net Worth of $400 Billion appeared first on theprimarymarket.com.

Tesla narrowly missed the analysts’ estimates on revenue, reporting $25.18 billion for the third quarter compared to the expected $25.4 billion. However, the figure represents an 8% year-over-year increase and improvement on $25.05 billion it had in the second quarter.

The company’s adjusted earnings per share, on the other hand, came at $0.72 to beat the estimates of $0. 58. Its margin figure was at 19.8% versus the expected 16.8%, accompanied by an adjusted net income of $2.5 billion and $2.9 billion in free cash flow.

“We delivered strong results in Q3 with growth in vehicle deliveries both sequentially and year-on-year, resulting in record third-quarter volumes,” Tesla stated in a press release.

Tesla also said that the preparations for offering new vehicles are “underway,” sharing that the highly-anticipated affordable model, which is rumored to have a price below $30,000, will launch in the first half of 2025. Company’s CEO Elon Musk added during an earnings call that the expected volume growth in 2025 will be between 20% and 30%.

The investors welcomed the news, causing Tesla’s stock to surge 21.92% and close at $260.48 per share. This marked the stock’s best day in 11 years. It also brought the company’s shares 4.85% up year-to-date.

The post Tesla Stock Surges Close to 22% on Strong Earnings, Cheaper EV Model Timeline appeared first on theprimarymarket.com.

Tesla said it produced 469,796 EVs and delivered a total of 462,890 units from July to September, with the latter being an increase of 6.4% compared to the same period in 2023. However, the mark came below of the analysts’ expectations on multiple levels. Analysts polled by FactSet expected 463,310 deliveries, while analysts polled by LSEG had 469,828 deliveries penciled in.

Despite the miss, there are some positives for Tesla, considering that this was the first growth in deliveries it had seen in 2024. It previously had a 6.5% slide in global deliveries for the first half of the year.

Still, these numbers make it unlikely that Tesla will manage to clear CEO Elon Musk’s goal of surpassing the record of 1.8 million cars delivered in 2023. The EV maker delivered 1,293,656 units in the three quarters and would have to also have a record fourth quarter by a significant margin to get there.

Investors were not particularly pleased with Tesla’s delivery report as the company’s stock dropped by 3.5% on Wednesday to close at $249.02 per share. This resulted in all of the stock’s gains in 2024 being wiped out.

The post Tesla Stock Slides After EV Maker Misses on Q3 Deliveries appeared first on theprimarymarket.com.

Tesla’s struggles and the erratic behavior of its outspoken CEO, Elon Musk, are now making even the company’s most determined backers question their position. One of them is early Tesla investor and EV maker’s longtime backer Ross Gerber, the CEO of financial planner Gerber Kawasaki.

In a recent interview with Business Insider, Gerber said that his clients are pleading with him to exit the company’s position in Tesla. He already started meeting those requests, selling half of Gerber Kawasaki’s Tesla holdings.

Gerber says his firm currently owns $60 million in Tesla shares, and he intends to sell them in the next six months if the company doesn’t complete a turnaround.

“If you’re not making any money and you’re not doing what needs to be done to make the company money or your company do well, I have to move on. It’s just, that’s the way,” Gerber told Business Insider.

Gerber added that the company has to put more focus on advertising and improving its sales in order for its stock not to be considered overvalued.

“I see the stock as really overvalued right now because I don’t think they make any of their numbers,” he explained. “I don’t see how they sell more cars with this current strategy.”

Tesla climbed almost 4% on Friday to close at $214.11 per share. The company is 18.67% down from its year-high $263.26 in early July.

The post Early Tesla Investor is Looking to Sell EV Maker’s Stock If There is No Turnaround appeared first on theprimarymarket.com.

According to Morgan Stanley’s analysts, Tesla has a huge upside thanks to its energy business, which is projected to become more valuable than the company’s EV business in the future. Additionally, Tesla is expected to continue raking in zero-emission vehicle (ZEV) credit revenue as legacy automakers like Ford scale down their EV expansion plans.

Tesla also received points for successfully conducting cost-cutting and restructuring operations.

“We estimate Tesla may account for as much as half the credit sales in the market, supporting a 100% margin business for Tesla that may not be anticipated by the investment community at this time,” Morgan Stanley analysts said in a note shared with clients.

Tesla’s stock plunged by 13% last week after the EV maker shared weaker-than-expected second-quarter earnings. The company reported $0.52 in adjusted earnings per share compared to $0.62 expected by analysts, although it’s $25.50 billion in revenue topped the estimates of $24.77 billion.

However, Tesla shares are on their way to bounce back this week. The stock jumped by 5.60% after Morgan Stanley’s note and closed at $232.10 per share.

The post Morgan Stanley Names Tesla Its “Top Pick” in the U.S. Automotive Industry appeared first on theprimarymarket.com.

During the recent rally, Tesla’s shares jumped 33% and reached $271 per share at one moment, marking their highest point since September. However, news that the previously planned unveiling of the company’s highly anticipated robotaxi was pushed back to October caused the stock to lose more than 12% of its value.

Now, UBS analysts are advising their clients that it is time to sell their Tesla holdings. According to a note sent on Friday, the company’s shares have taken off “too much, too soon” thanks to its perceived artificial intelligence potential, which isn’t guaranteed to come to fruition.

“If market enthusiasm for AI diminishes, this may impact Tesla’s multiple,” said UBS in the note.

Tesla’s stock slightly recovered after the initial plunge and closed at $248.23 per share on Friday. This is still a lot higher than UBS’s price target. The investment bank’s analysts have adjusted their price target on the stock from $197 to $147 per share after downgrading it from “Neutral” to “Sell”.

The post UBS Downgrades Tesla to Sell After Company’s Winning Streak Ends appeared first on theprimarymarket.com.

After hitting a 52-week low at $142.05 in April, Tesla’s stock started a steady recovery before catching fire in July. It currently sits at $252.94 per share, completely erasing the downfall from the start of the year and then some.

Tesla had a rough start in 2024, struggling with a lowering demand for its vehicles. The company made several moves to cut costs and improve its position, including job cuts and lowering the prices of several models to boost sales and be better positioned against rising competition.

The most recent rally can be attributed to better-than-expected delivery results that the company unveiled. Tesla delivered 443,956 EVs in the second quarter, while the analysts expected 439,302 units to be delivered. The electric cars market overall had a good quarter, with other EV makers like Rivian and Lucid sharing promising delivery reports.

Additionally, there has been optimism among investors about the company’s energy business as well as the upcoming introduction of robot taxis. Tesla’s CEO Elon Musk previously reported that robot taxis will be unveiled on August 8th.

The post Tesla Stock Records 9th Straight Day of Gains appeared first on theprimarymarket.com.

Tesla announced it has delivered 443,956 EVs in the past quarter, beating the 439,302 units expected by analysts. The company also produced 410,831 electric cars in the same period. The majority of delivered and produced EVs were models Tesla 3 and Tesla Y.

The numbers are improving from the first quarter when Tesla managed to deliver approximately 387,000 EVs. However, it came below the same period in 2023, when the company delivered 466,140 units.

Tesla also shared that its financial results for the second quarter will be reported on July 23.

“We continue to see scope for improving sentiment in Tesla shares as well as broader EV sentiment as compared with the negative sentiment we have seen over the past ~6 months,” Citi analysts wrote in a note sent to clients.

After a positive delivery report, Tesla’s stock surged by 9% compared to Monday’s close price of $209.86 per share. At its current price of $228.74, the company’s shares are down 7.95% year-to-date but more than 50% up from April’s low.

The post Tesla Stock Jumps as EV Deliveries Beat Expectations appeared first on theprimarymarket.com.

Such gains occurred despite downbeat earnings reported by EV maker Tesla. Stocks in the company fell by 12% after top-line revenue of $25.17 billion for the fourth quarter fell short of an expected $25.87 billion. Adjusted net income totaled $2.48 billion, lower than an expected $2.61 billion. The company lowered its full-year outlook as a result.

Economic data came in hot, with the fourth quarter US gross domestic product (GDP) showing that the US economy grew by 3.3% on an annual basis. This significantly outpaced the 2% growth expected by economists.

The post S&P 500 Reaches New Height as Tesla Slips appeared first on theprimarymarket.com.

While this year’s third-quarter deliveries were higher than last year’s deliveries of 365,923 vehicles, it fell short of the previous quarter’s 479,700 deliveries. Still, the company insists that it is on track to deliver its target of 1.8 million vehicles.

Some analysts have expressed optimism for Tesla’s fourth-quarter prospects, citing factory upgrades that could improve efficiency and lead to a rebound in deliveries. Such improvements should also allow Tesla to introduce new models to compete with U.S. rivals including Ford and BYD.

The post Tesla Q3 Deliveries Miss Estimates appeared first on theprimarymarket.com.