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Tesla selloff wipes out $175B after Musk's stock-sale tweet

Al Jazeera

Tesla Inc. lost nearly $175 billion from its valuation, heading for the biggest two-day slide in 14 months, as the surge in shares lost momentum amid a host of negative news. The drumbeat of adverse headlines reached a crescendo after Elon Musk's Twitter poll that asked voters over the weekend if he should sell 10% of his stake in the electric-vehicle company was followed by news of his brother Kimbal selling some shares just before the poll. There was also a Business Insider report on Michael Burry, the investor made famous by "The Big Short" movie, saying Musk may want to sell stocks to cover his personal debts. "The stock is extremely overvalued from a long-term perspective, and investors are struggling with the valuation," said Matt Portillo, an analyst at Tudor Pickering. He noted that Musk's stock-sale poll provided investors "an excuse to pull back a bit."

Tesla quarterly earnings beat estimates as car sales soar

Al Jazeera

Tesla Inc. reported revenue that fell short of Wall Street estimates, but managed to beat third-quarter earnings projections despite a semiconductor shortage and supply-chain challenges that have stymied competing automakers. Sales at Elon Musk's electric-vehicle and clean-energy company rose 57% to $13.8 billion, missing estimates of $13.9 billion. Earnings came to $1.86 a share on an adjusted basis, the Palo Alto, California-based automaker said Wednesday. The results mark the ninth straight quarter of profit for the 18-year-old electric carmaker. The company's automotive gross margin, a key gauge of profitability, widened to 28.8% in the latest quarter, up from 27.7% a year earlier.

Elon Musk's Tesla Stock Soars As Model 3 Anticipation Grows

International Business Times

This article originally appeared on the Motley Fool. Shares of electric-car company Tesla (NASDAQ:TSLA) hit a new high on Tuesday, closing the trading day at $335.10. During intraday trading, shares climbed as high as $336.28. Shares are up about 69% since Dec. 15. The stock's rise comes ahead of the company's planned start for Model 3 production.

Vroom vroom: Tesla's shares rally over 50% from March lows

Al Jazeera

Tesla Inc. shares are staging a comeback as investors expect the Elon Musk-led electric carmaker to navigate the crippling semiconductor shortage better than rivals that have been severely disrupted. The stock gained as much as 1.7% to $857.60 on Monday in New York, up over 50% from a March 8 low of $563. That comes after eight weeks of gains, its longest winning streak since before the Covid-19 pandemic roiled markets. The rebound makes it the sixth-biggest publicly listed company in the U.S., firmly ahead of Berkshire Hathaway Inc. "We believe an evolving green tidal wave will push shares of Tesla higher despite the near-term chip shortage with 3Q earnings this week another positive catalyst," wrote Wedbush analyst Daniel Ives in a note from Sunday. Tesla shares have been steadily climbing in recent months, aided by strong quarterly results that showed the company fared much better than traditional carmakers in handling the semiconductor shortage.

After gangbuster debut, Rivian draws comparison to Tesla

Al Jazeera

Rivian Automotive Inc. reached a market value of over $100 billion two days after its initial public offering, drawing comparisons to Tesla Inc. But there are stark differences: When Tesla went public in 2010, the Elon Musk-led firm disclosed $93 million in revenue and losses far below the $1 billion Rivian reported for the first half. What's more, Tesla's initial market capitalization was about $2 billion and didn't reach $90 billion until 2020. Eleven years later, Rivian is the world's fifth-largest automaker by market cap having delivered only a few electric vehicles to customers. After gaining 29% in their first day of trading, Rivian shares soared as much as 24% Thursday, vaulting its valuation past General Motors Co. "Along with the IPO of Lucid (LCID) the race to be the'next Tesla' is well underway and increasingly happening in public markets," Ben Laidler, eToro global market strategist, wrote in a note.