automobile news

Teslas stock increase adds USD 14 Billion a day to Musks fortune

Teslas stock increase adds USD 14 Billion a day to Musks fortune
Teslas stock increase adds USD 14 Billion a day to Musks fortune

Tesla Inc., the California-based electric vehicle and clean energy company, has reportedly added the combined value of Ford, Fiat Chrysler, and General Motors, growing by an average of USD 14 billion a day in past five trading sessions.

Sources cite that Teslas market value has considerably increased over the past week. This year, Teslas shares have been seen to be in a searing rally, regaining from a steep pandemic sale, helped by delivery figures exceeding estimates in the second quarter.

Over the last week, Tesla every day gained the value of Fiat Chrysler Automobiles NV. However, skeptics claim that the stocks current pace is unrealistic and is fueled by the power of narrative.

Referring to individual investors trading on platforms such as Robinhood, Wedbush Securities analyst Daniel Ives said in an interview that there is certainly a substantial retail component that is driving shares higher.

Many major institutional investors want to invest in Tesla and the electric car market, he said adding that the company has just set up 90,000 delivery figures in a Covid-19 pandemic and a dark macro setting scenario, particularly when other carmakers are facing extreme challenges.

Tesla said that in the second quarter about 90,650 cars were delivered, surpassing analysts estimation of about 83,000 units. Roth Capital Partners Craig Irwin also acknowledged the urge to join Tesla as a large-capital growth stock and mentioned that its valuation was driven by fund managers, who have Tesla grouped with Facebook Inc., Inc., and Netflix Inc., etc.

In four out of five sessions through Monday, Tesla shares gained at least 5 percent. Although it is not unusual for a business that has twice its history with a one-day 20 percent gain, the surge shows a consistency that has not been seen before. For the first time, 4 out of 5 sessions with magnitude gains have been posted on the stock. The latest rally has taken Teslas revenues to USD 170 billion.

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