"This has really come at the expense of seeing my kids. "There were times when I didn't leave the factory for three or four days - days when I didn't go outside," Musk told The Times. Musk claimed he has been working 120 hours per week and hasn't taken a full week off since 2001, when he had malaria. But, as with most erratic tweets by a high-profile individual, the statement came with its share of backlash: The Securities and Exchange Commission ( SEC) launched a probe into Tesla, angry investors filed multiple lawsuits and shares entered a period of significant ups and downs.ĭays later, after Musk broke down about his demanding work schedule in a candid interview with The New York Times, people everywhere - from everyday consumers to media mogul Arianna Huffington - urged him to take a break and get some rest. Tesla shares ended the day up 11 percent, and some estimates pegged Musk's EOD earnings at $1.43 billion. 7 - issued on the fly and during trading hours - shares of Musk's electric car company soared alongside his own net worth. Chris Saucedo | Getty ImagesĪfter a nine-word tweet on Aug. As investors, board members, business contemporaries and the public watch from the sidelines, all they can feasibly do is hope his stress, exhaustion and determination will serve as fuel for the Tesla CEO to climb still higher rather than spontaneously combust. He is the world’s richest person.Elon Musk may have reached his tipping point. That’s how much Tesla CEO Elon Musk is worth, according to Forbes’ estimates.
“The current valuation remains challenging,” especially when considering that the few other companies that achieved a similar market cap did so by generating on average around $100 billion in annualized gross profit versus Tesla’s annualized profit of $20 billion in the first half of the year, the firm points out. Tesla shares are overpriced and could plunge more than 50%, according to Citi analysts, who maintain a “sell” rating on the stock with a $424 price target. “In a nutshell, the quarter was better than feared with healthy guidance” for the rest of the year, which certainly “look achievable with no margin for error," Wedbush analyst Dan Ives said following the earnings report. Tesla’s quarterly revenue of $16.9 billion rose 42% from a year ago, though it fell from a record high of $18.7 billion in the previous quarter, ending the company’s streak of record profits. Production took a hit, however, worrying analysts as the company was impacted by ongoing supply chain disruptions as well as a factory closure in China that was due to Covid-related government lockdowns. Tesla reported mixed second quarter earnings last month which largely beat analyst expectations. “That drives more interest in the shares and more interest means more people trading the stock.” Key Background: “When stocks trade in a so-called comfortable range, everyday investors can more easily afford a piece of the company,” according to Lindsey Bell, Ally’s chief money & markets strategist.
Several other major tech companies have announced stock splits this year and saw subsequent spikes in their share price Google-parent Alphabet’s split 20:1 in February and Amazon’s stock split 20:1 split one month later.
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