December 5, 2021

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Tesla's Elon Musk is now worth more than NOK 2.4 trillion after ordering giant Hertz

Tesla’s Elon Musk is now worth more than NOK 2.4 trillion after ordering giant Hertz

US stock markets rose cautiously on Tuesday, but both the Dow Jones and the S&P 500 still secured new records.

  • The Dow Jones rose by 0.04 percent.
  • The Nasdaq Composite Index rose 0.18 percent.
  • The S&P 500 rose 0.06 percent.

This week, a rush of corporate reports is expected in the US. On Monday, Facebook provided the numbers after closing time, and on Tuesday night, several tech companies will be on hand. Alphabet, Microsoft, and Twitter all published quarterly numbers after the exchange closed. Read more about it here.

As a result of less-than-expected cryptocurrency trading, stock trading app Robinhood plunged into the post-trading period on Tuesday. The company’s third-quarter sales were less than expected by about NOK 835 million.

Robinhood users traded cryptocurrency for nearly 2 billion kronor in the second quarter, compared to just 426 million kroner in the third quarter.

According to CNBC, before the quarterly report, the company warned of weaker results, but the numbers were much worse than expected. Robinhood drops nearly 8 percent in aftermarket services.

Giant demand for Tesla

On Monday, it was announced that car rental company Hertz had placed an order for 100,000 Tesla vehicles. Musk confirms that the sale will be at a list price. Thus, the purchase will correspond to revenues of $ 4.2 billion, which is just over 35 billion Norwegian kroner for Tesla from Elon Musk.

During the trading day on Wall Street on Monday, Tesla reached the magic limit of $1,000 billion in market capitalization. The stock rose as much as 12.6 percent after news of the Hertz sale. After rising to five percent just after the stock market opened on Tuesday, Tesla’s share was barely in the red a few hours before closing.

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Bloomberg Wealth wrote in a Twitter message that Elon Musk, of course, did well in the deal with Hertz: his personal fortune rose by $36.2 billion to $288.6 billion after the giant demand. This corresponds to more than 2,400 billion NOK.

The stock market is at an all-time high

According to FactSet, 23 percent of companies in the S&P 500 now report for the third quarter. Among those companies, 84 percent reported earnings per share that were above consensus estimates, versus the five-year average of 76 percent.

Reporting season is off to a good start again, but it remains to be seen if the big tech companies will live up to expectations. With the stock market at an all-time high, the list is high, and tech companies need to impress to justify the current level, says Ryan Dettrick of LPL Financial, according to CNBC.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.