The latest news from the Electric car-maker indicates an expectation of a surge in Tesla stock price. The company is capitalizing on the surging demand for its share in the market. Moreover, it decides to increase the stock price up to $5 Million. The company has recently completed its stock split. Also, the shares were more affordable for investors.
As per the expectation and sources, news that the proceeds of the sale will be used to expand the business. Moreover, it can also become the fund for the new Gigafactory construction in Austin. The CEO of Tesla, Elon Musk, is a visionary person. So, his current ambition is to plan for a breakthrough technology in the battery. As per sources, the shares will sell through top-notch banks. For example, Goldman Sachs, Barclays Capital, and Citigroup Global Market are some of them.
Over the past few days, the stock price surge went up to 12.6%. Moreover, Elon Musk’s net worth rose to $102.9 Billion. According to Forbes, the new stock price surge makes him the fifth centi-billionaire in the world. Also, he is now officially the fifth richest person in the world.
What does the Tesla Stock Price surge Mean to Elon Musk?
The credit for the increase in the value of shares goes to investors. They are attracted to Elon Musk’s vision for clean transportation and power future for the world. The currency market capitalization value of Tesla is $443 Billion. Moreover, sources reveal a six-time rise since the end of 2019. Additionally, it is presently 16 times the expected revenue for 2020.
At its current value, California based Palo Alto ranks higher than Toyota, Volkswagen, General Motors, Ford, Nissan, and Honda together. Additionally, the combined sales of all these companies are over 50 million vehicles as of 2019. However, in comparison with Palo Alto, Tesla, has sold 367,200 cars last year.
The company has its Annual General Meeting on September 22. Moreover, in this meeting, Mr. Elon Musk may share details about recent innovations in the new battery technology. As per reports, Tesla’s share rise is almost 420% since 2019. Now, it is turning its retailers into millionaires. The credit for such a massive surge in Tesla Price goes to the trust of investors. They believe that Tesla can shift its niche from a car-maker to a global leader of cleaner cars.
The company presently accounts for 41% of the total market cap in the 12 largest car makers globally. Tesla promises that it will deliver more than half a million vehicles by the end of 2020. The massive boost in Tesla stock price is indeed boosting the company’s market worth as well as Elon Musk’s net worth.