Elon Musk Is Now $5B Richer Than Mark Zuckerberg

Tesla CEO Lord King Elon Musk is finally richer than Facebook co-founder Mark Zuckerberg after Tesla 5-1 stock split.

According to the Bloomberg Billionaires Index, Elon Musk passed Facebook Inc. co-founder Mark Zuckerberg today as shares of the electric vehicle maker rallied 12.57% after undergoing a forward stock split, adding $11.7 billion to the net worth of Elon Musk.

Elon Musk is now worth $115.4 billion compared with $110.8 billion for Zuckerberg.

Tesla market cap is now a whopping $464 billion, compare to Toyota $182.919 billion, General Motors $42.403 billion, Volkswagen $73.499 billion, Daimler $45.622 billion, BMW $38.877 billion.

Elon Musk’s net worth has grown massively almost $88 billion this year alone, as shares of his company, the world’s most valuable electric vehicle manufacturing companies are up almost 500%. The CEO has also bagged corporate pay deals, bigger than what any CEO has ever bagged historically. A deal is known to be the largest corporate pay deal ever struck between a chief executive officer and a board of directors.

This Is Just The Beginning

On September 22, Tesla is set to announce a battery breakthrough that the company has been working on since the last battery announcement.

Wall Street analysts are predicting the electric car manufacturer will announce a million miles battery.

“We’re all waiting to see what Tesla is going to come out within the battery,” Brian Gu vice chairman and president of China’s newest publicly traded electric vehicle maker Xpeng.

“We believe that the China growth story is worth at least $400 per share in a bull case to Tesla as this EV penetration is set to ramp significantly over the next 12 to 18 months, along with major battery innovations coming out of Giga 3 (million-mile battery remains an elusive goal now in the grasp in our opinion),” Ives wrote in a note.

“In our view, nothing matters more on Battery Day than understanding how the ‘million-mile’ batteries could profoundly change the auto business model,” Philippe Houchois of Jefferies wrote.

The latest analyst to rate the stock is Canaccord Genuity analyst Jonathan Dorsheimer. He maintained a Hold rating on Tesla on Friday and set a price target of $442.00.

Aright guys, do you think Elon Musk will one day be the richest man alive?.

Tesla Burns Shorts After Smashing Q2 Earnings

  • Earnings: $2.18 ex-items vs. 3 cents per share, expected.
  • Revenue: $6.04 billion vs. $5.37 billion, expected.
  • Net income: $104 million (GAAP)

Tesla also reported its fourth consecutive quarter of profitability on a GAAP basis, which means it can now be considered for inclusion on the S&P 500 index.

Tesla announced earnings per share of $2.18 on revenue of $6.04B. Analysts polled by Investing.com anticipated EPS of $-0.19 on revenue of $5B.

Tesla shares are up 280% from the beginning of the year , still down 11.32% from its 52 week high of $1,793.02 set on July 13. They are outperforming the Nasdaq which is up 19.32% from the start of the year.

Tesla shares gained 6% in after-hours trade following the report.

Our business has shown strong resilience during these unprecedented times. Despite the closure of our main factory in Fremont for nearly half the quarter, we posted our fourth sequential GAAP profit in Q2 2020, while generating a positive free cash flow of $418M. Our profit improved sequentially due to fundamental operational improvements. Additionally, we experienced costs associated with factory shutdowns, which were offset by actions taken during the quarter to reduce expenses. For the trailing 12 months, our GAAP operating margin reached nearly 5%. We expect our operating margin will continue to grow over time, ultimately reaching industry-leading levels. We believe the progress we made in the first half of this year has positioned us for a successful second half of 2020. The production output of our existing facilities continues to improve to meet demand, and we are adding more capacity. Later this year, we will be building three factories on three continents simultaneously. While we invest in our product roadmap, improve technology and localize production, we continue to drive cost efficiencies across the business and closely manage working capital. It is important to manage our cash diligently in order to ensure we are ready for any scenario.

Tesla – During Q2 2020 ER.

Tesla Persuading German Gov. To Allow Electric Trucks To Drive On Sundays And Holidays

on 1 May 1956, German government imposed a Sunday and public holiday driving ban on trucks, in order to protect citizens from noise and pollution.

Commercial trucks weighing more than 7.5 tons or pulling a trailer are prohibited from driving on Sundays and public holidays in Germany. 

Transportation of fresh food such as milk, meat and fish or of film and television material are excluded. Rescue and recovery vehicles are also excluded.

Tesla Semi-Truck mass production will start very soon, so Tesla has made it a mission to lure the German ministry of transportation to overturn Sunday and public holiday driving ban for electric trucks. We guess its because electric trucks, unlike ICE trucks, make very little noise and does not pollute the environment. This makes sense.

According to Businessinsider, Last week Thursday, a delegation from the US company traveled to Berlin for a secret meeting. The Federal Ministry of Transport promised Tesla an investigation into the matter, Business Insider says.

Due to the ongoing Giga Berlin project, Tesla is currently in talks with several authorities and ministries. The billion dollar project is a top priority for state government of Brandenburg, as the state wants to prove that it can do more than Berlin.