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Elon Musk-run Tesla hit $100-bn market value for first time

Elon Musk-run

San Francisco: 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 valuations 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.

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. (IANS)

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