Elon Musk Lost $44 Billion in a Few Hours

News

Elon Musk Lost $44 Billion in a Few Hours

16.07.2020 News

At the close of trading on the New York Stock Exchange on Monday, July 13, Tesla Inc. stock price fell to $1497 per share from a record $1794 recorded in the first hours after the trading opened.

Consequently, the company’s capitalization in just a few hours fell from $321 billion to $277 billion.

Tesla’s previous rise in value happened due to the publication of the company’s report on the growth of car sales in the second quarter of 90,650 instead of 72,000, which was forecasted by stock analysts.

Demand for the stock was also fueled by rumors of Tesla’s rapid listing on the S&P 500.

On June 1, Tesla shares exceeded $1,000 for the first time. Then their value has increased by 70% over a month. At the same time, the average price of Tesla shares expected by stock analysts in 2020 is $805.

According to Morgan Stanley analyst Adam Jonas, the value of Tesla shares is overvalued by 100%. “To justify the current share price, the company should sell 4 million cars a year. It has sold only 500,000 so far,” he told The Observer.

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