THE CHANGING FORTUNES OF THE WORLD’S RICHEST A s Tesla CEO Elon Musk prepares to announce the company’s newest innovations at a September 22 event called “Battery Day,” investors once again drove up the share price of the electric car maker, adding $13 billion to Musk’s net worth over the past week. Tesla’s stock rose 19% between the market close on Friday, September 11 and Friday, September 18, recovering from the sharp 21% plunge in the stock on September 8, when it was unexpectedly passed over for inclusion in the S&P 500 index. On September 11, Musk tweeted that “many exciting things” will be announced at the Battery Day event. Analysts are speculating as to what the announcements may be. Morgan Stanley analyst Adam Jonas said in a note that revelations like a “million-mile” battery or a big jump in battery production capability could be “narrative changing” for the company. Wedbush analyst Daniel Ives said in a Thursday note that Tesla could bring its cost of production below a threshold of $100 per kilowatt-hour, which would enable the company to be more profitable. Beyond a potential jump in battery manufacturing, Ives pointed to stronger sales numbe… Click below to read the full story from Forbes
Read More
