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Musk-run Tesla Hits $100-bn Market Value for the First Time

In the third quarter, automotive revenues were $5.35 billion. Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth

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Technology Entrepreneur speaking
Elon Musk, a technology entrepreneur. Pixabay

Signalling an all-electric future is coming our way, Elon Musk-run Tesla has hit the $100 billion in stock market valuation for the first time.

Tesla shares were last up 1.4 per cent at $555 after trading was closed on Tuesday, reports CNBC.

The milestone came less than a month after Tesla’s stock crossed $420 — a price Musk tweeted last year which put him in much trouble.

The $100 billion valuation must stay for both one-month and six-month average in order to help Musk get first of 12 tranches of $346 million in a record-breaking pay package.

Tesla is currently valued more than Ford Motor and General Motors combined.

Tesla logo
A Tesla logo is seen in Los Angeles, California. VOA

Musk lost his position as Tesla Chairman after posting a notorious tweet in August last year that he was “considering taking Tesla private at $420. Funding secured”.

The US Securities and Exchange Commission (SEC) sued Musk over the tweet, saying he misled investors by claiming falsely he had lined up funding for the take-private transaction.

Musk reached a settlement with the SEC, agreeing to give up his role as Tesla Chairman and pay a $20 million fine.

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Tesla surprised Wall Street in October by registering a profitable third quarter with a total revenue of $6.3 billion riding on sales of its Model S, Model X and Model 3 electric cars.

In the third quarter, automotive revenues were $5.35 billion. Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth. (IANS)

Next Story

SpaceX Run By Elon Musk Aims To Raise $250mn in New Funding For Hitting $36bn Valuation

SpaceX is preparing its Crew Dragon spacecraft to fly NASA astronauts Doug Hurley and Bob Behnken to and from the space station in the first flight. The uncrewed Demo-1 mission flew in March last year

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SpaceX
The fundraising comes as SpaceX continues development on three important programmes: Crew Dragon, Starlink and Starship, reports CNBC. Wikimedia Commons

Elon Musk-run SpaceX is aiming to raise around $250 million in new funding that would bring the rocket launch company’s valuation to $36 billion.

The fundraising comes as SpaceX continues development on three important programmes: Crew Dragon, Starlink and Starship, reports CNBC.

The company raised $1.33 billion during 2019 and has raised more than $3 billion in funding to date.

The new round of funding could close sometime in the middle of next month.

SpaceX has received a $3.1 billion contract award as part of NASA commercial crew programme. It charges its customers nearly $60 million per launch of one of its Falcon 9 rockets and had 13 such launches in 2019.

Ahead of its launch of astronauts to the International Space Station (ISS) aboard its Crew Dragon capsule which is tentatively scheduled for May 7, SpaceX has hired a top former human spaceflight expert.

In his new role, William Gerstenmaier, the former leader of NASA’s human spaceflight programme, is reporting to SpaceX Vice President of mission assurance Hans Koenigsmann.

Elon Musk
Elon Musk-run SpaceX is aiming to raise around $250 million in new funding that would bring the rocket launch company’s valuation to $36 billion. Wikimedia Commons

SpaceX is preparing its Crew Dragon spacecraft to fly NASA astronauts Doug Hurley and Bob Behnken to and from the space station in the first flight. The uncrewed Demo-1 mission flew in March last year.

“We’re highly confident that the hardware will be ready in Q1, most likely at the end of February but no later than March. And we think it appears probable that the first crewed launch would occur in the second quarter,” said Musk after the successful uncrewed test of its Crew Dragon capsule’s in-flight launch escape capabilities last month.

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Musk said that if all goes well, the first crewed flight on the Crew Dragon could take place in the second quarter of this year. (IANS)