Tesla has now become the most powerful automotive brand in the world.
Elon Musk recently sold around $8 billion worth of Tesla stock and now the automaker has further disclosed that he has exercised another tranche of 2.1 million stock options of which he’s sold around half. Despite these sales, Tesla is holding on to its trillion-dollar-plus market cap which also underlines the fact that it is the most valuable automaker on the planet by around 4x. The next best is Toyota at $262 billion followed by the new EV startup Rivian which was revealed to be worth more than $151 billion.
Musk revealed his intent to sell around 10 percent of his Tesla stock which has reached an all-time valuation of over a trillion dollars, but this happened after the Tesla stock had spiked. Musk even revealed that while the stock price rose after news of a Tesla-Hertz deal for 100,000 vehicles, the CEO, watered down the report.
When Musk started selling the stock, Tesla’s valuation did dip below the trillion-dollar mark but then it rebounded above the trillion-dollar mark and has now settled there. Musk revealed that he intends to sell around 10 percent of his entire holding. Tesla has now become the most powerful automotive brand in the world. It has just recently opened its third factory in Berlin with its Model Y rolling off the production lines.
It has also revealed new 4680 battery technology which promises to improve range, bring down production cost, and would also be safer for its users. It has its own ADAS technology which it calls AutoPilot which has polarised opinion and it even makes its own autonomous driving silicon and trains its algorithms on what it calls one of the fastest supercomputers in the world dubbed Dojo.