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29 Oct 2021
2.5 min read

Tesla Hits a Record High as Elon Musk’s Fortune Crosses $300 Billion

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Key Takeaways

  • Tesla shares soar to a new all-time high at $1,077 as the rally keeps accelerating
  • Elon Musk becomes a $300-billion man after his net worth gained another $10bn

What’s on Focus in the Markets?

The Tesla rally is showing no signs of stopping. This week alone, shares of the electric-vehicle maker have soared 20% to hit a new all-time high on Thursday. On that note, investors seem they can’t get enough of the Tesla stock.

After gaining about 13% on Monday, Tesla shares cooled over the past couple of days only to reignite yesterday. In more detail, Tesla accelerated by about 4% during Thursday’s session, hitting a new all-time high of $1,077.27.

As a result, Tesla CEO Elon Musk became the first person to ever hit a net worth of $300 billion. More precisely, after Thursday’s gain in Tesla shares, Elon Musk’s fortune swell to a hefty $302 billion. That said, Mr. Musk added $9.8 billion as his car company hit a record valuation of $1.07 trillion.

Furthermore, Tesla stock is up 53% since January. That means Elon Musk’s 21% share in the company has netted him $130 billion this year alone. In other words, what Mr. Musk made in 10 months is more than what legendary investor Warren Buffett made in his lifetime.

What’s New Around the Markets?

In the meantime, Facebook CEO Mark Zuckerberg announced late on Thursday his company is changing its name to Meta. The decision is a step toward focusing on the so-called Metaverse, an online realm where people would meet virtually.

Also, Amazon and Apple posted their third-quarter earnings figures yesterday after the closing bell. E-commerce and cloud computing giant Amazon reported lower-than-expected quarterly sales.

Moreover, CEO Andy Jassy said fourth-quarter earnings would most likely be dented by labor-market struggles and supply-chain challenges. Shares of Amazon declined 4% in after-hours trading after gaining 2% during the regular session.

The iPhone maker, on the other hand, reported revenue of $83.4 billion, below expectations of $85 billion. Profit, however, arrived in line with estimates at $20.6 billion for the quarter ended September.

Still, Apple CEO Tim Cook also warned supply-chain disruptions could weigh on Apple’s performance during the important holiday quarter. Shares of Apple dropped 3.5% in after-hours market trading.

What’s the Latest News on Bitcoin?

Bitcoin and the cryptocurrency market pushed higher on Thursday and remained elevated early Friday. With this in mind, the orange coin is hovering right above $61,000.

On the other hand, Ether rallied to a new all-time high earlier today. The Ethereum token gained about 5% in the early hours of Friday’s session and topped $4,400. Previously, Ether’s record high was reached on May 12 when its price advanced to $4,380 per coin.

Where Are Stocks Headed?

Wall Street stocks closed at a fresh record on Thursday. Powered by increased optimism around the earnings season, investors pushed the S&P500 and the Nasdaq Composite to new heights. The Dow Jones, however, was just a few points away from its closing record on Tuesday.

Today’s Economic Calendar (EST times)

  • 04:00 am, EUR, German GDP (QoQ) (Q3) (Preliminary)
  • 05:00 am, EUR, CPI (YoY) (Oct) (Preliminary)
  • 08:30 am, CAD, GDP (MoM) (Aug)

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