Tesla Tracks Over $ 1 Billion Valuation: Report

San Francisco: Tesla, the electric vehicle company owned by Elon Musk, jumped 7% to return to more than $ 1 trillion in market valuation, according to media reports.

According to auto-tech website Electrek, since Musk announced he would sell 10 percent of his stake in Tesla, the company’s shares have suffered.

Earlier this week, he lost the incredible gains he made after announcing that Hertz would buy 100,000 Model 3 vehicles, which pushed Tesla’s stock to over $ 1,000 billion for the first time.

But there was a reversal. Tesla shares jumped 7%, which is crazy for a company of this value. The stock has now passed $ 1,000 per share, giving it a market cap of more than $ 1,000 billion, the report said on Wednesday.

The recent surge occurred on a slow news day, and the main new information that contributed to the price hike appears to be Musk saying he thinks he has sold enough shares to satisfy his statement that he is selling. 10% of its Tesla shares.

In Tesla’s latest filing, the company revealed that Musk still had 2,637,455 stock options to exercise under the plan set out in September. However, it looks like Musk won’t sell any additional shares other than what was part of his compensation plan, according to the report.

About Robert Pierson

Check Also

Report, Auto News, ET Auto

San Francisco: Tesla, the electric vehicle company owned by Elon Musk, is reportedly investigating executive …