Tesla Surpasses $500 Billion Market Cap Again Despite Musk’s ‘Distractions’

Tesla Surpasses $500 Billion Market Cap Again Despite Musk’s ‘Distractions’


Tesla shares skyrocketed Thursday after the corporate reported its best-ever quarterly gross sales and revenue in a report that largely shattered market expectations, because the inventory bounces again from multiyear lows as investor sentiment soured relating to the corporate’s limitless progress prospects and distractions from its billionaire CEO Elon Musk.

Key Facts

As of 10 a.m. EST, Tesla rose almost 10% to just about $15 , its highest worth since December 16, including $44 in market capitalization to carry its worth to only north of $500 billion.

Shares are actually up greater than 45% over the past month.

Tesla is the second-best performer of any inventory listed on the S&P 500 over the past month, in response to FactSet knowledge, trailing solely Warner Bros. Discovery.

Tesla is the best-performing publicly traded firm with a market cap over $25 billion Thursday, in response to Yahoo Finance knowledge.


Shares of the automaker are nonetheless down over 60% from its November 2021 all-time excessive of almost $410, when its market cap peaked at about $1.2 trillion.

Key Background

Tesla recorded $24.32 billion in whole income and $1.19 earnings per share throughout the fourth quarter of 2022, every surpassing analysts’ consensus estimates, although the corporate’s gross revenue margins sunk to its lowest stage since 2021 and working prices surged. Still, Musk declared 2022 the “greatest yr ever on each stage” for Tesla in a Wednesday earnings name, additionally predicting Tesla might promote two million automobiles in 2023, surpassing the corporate’s steerage.


Musk confirmed no indicators of slowing down his involvement at Twitter throughout the name, calling the social media firm he purchased for $44 billion final yr and leads as CEO “an extremely highly effective instrument for driving demand” at Tesla – regardless of the latter’s inventory tanking over 50% as buyers bemoaned Musk’s “antics” relating to Twitter. In a Wednesday observe to purchasers, Bank of America analysts led by John Murphy referred to as Tesla’s “administration distractions” with Twitter current a continued drag on Tesla shares.

Forbes Valuation

Musk is the second-richest individual on earth with a web value of $168.1 billion, in response to our most recent estimates, including $8.1 billion to his pile of wealth Thursday due to Tesla’s surge.

Further Reading

Tesla Posts Best-Ever Quarterly Revenue And Profit (Forbes)

What Tesla Brand Crisis? Musk Says His Vast Twitter Audience Confirms Popularity (Forbes)