Tesla’s stock increases by $4 bln overnight
Tesla’s stock increases by $4 bln overnight

Recently, Tesla’s shares have skyrocketed to more than $900 per share after reaching $450 per share at the end of last year. Having hit the record high, the company’s stock pulled back to the level of $740 per share. The steep upturn increased Elon Musk’s holdings by around $4 billion overnight. The unexpectedly high profit ratio in Q3 and Q4 of the last year as well as the launch of a factory in Shanghai made investors revise their portfolios. As a result, the shares of the electric vehicle manufacturer rose exponentially. The asset  value has been soaring for a few trading sessions in a row. Consequently, Tesla’s market cap reached $160 billion surpassing Volkswagen, a world leader in sales volume. Only Toyota has a higher market cap at this point, $201 billion. Considering the fact that Elon Musk is the biggest shareholder, he is the one to benefit the most from the recent share price rally. According to Forbes, the company’s net worth swelled to $43.1 billion from $39.3 billion as of February 3. As a result, Elon Musk got almost $4 billion richer in one trading session rocketing to No. 20 from No. 35 on the Bloomberg Billionaires Index.  

Published: 2020-02-13 06:45:42 UTC
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