Tesla saw its stock jump 7% yesterday to climb back above $ 1 trillion in market capitalization. The explosion in the share price is mainly due to Elon Musk, who has finished selling his shares to pay his taxes.
Tesla’s stock surged yesterday to $ 1,008.87, an increase of 7.49%. The American automaker has therefore once again crossed the $ 1 trillion market capitalization mark. It wasn’t the first time Tesla hit a figure like this that made it the 5th most valuable company in the world, as the company had already surpassed $ 1 trillion after car rental company Hertz ordered 100,000 of its Model 3 vehicles.
However, Tesla ultimately fell on the stock market after Elon Musk announced that no contract had yet been signed with Hertz. The CEO of the company had also promised to sell 10% of its shares for be able to pay taxes.
Elon Musk has finished selling his shares, the share price takes off again
Elon Musk announced on Twitter that he had finished selling his shares. In total, the CEO of Tesla would have separated from shares with a total value of $ 15 billion. This should be more than enough to allow him to pay his record taxes of $ 11 billion. According to him, no other American has paid so much tax in history.
Since Elon Musk announced that he had finished selling his shares on Twitter, the share price has taken off. Although the billionaire now owns slightly fewer shares than he did earlier this month, Elon Musk may well remain the richest man in history.
Morgan Stanley analysts also predict that Elon Musk could be the first to reach $ 1 trillion in fortune, but it would be mainly thanks to his company SpaceX. Indeed, the firm believes the Starship rockets the company is developing will have implications so great that Elon Musk’s fortune could soar to new heights. These are the rockets that will take humanity to Mars in a few years..
Source: Teslarati