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Morning Bell With Jim Cramer: Tesla Outsmarts General Motors – TheStreet

By October 22, 2020 0

Jim Cramer shares stock market news about GM’s new electric vehicle, social media stocks performance, and buying First Solar if Joe Biden wins.

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- Elon Musk Loses $27 Billion as Historic Wealth Gains Unravel
  (Bloomberg) -- Elon Musk set records last year for one of the fastest streaks of wealth accumulation in history. The reversal is underway, and it’s steep.The Tesla Inc. chief executive officer lost $27 billion since Monday as shares of the automaker tumbled in the selloff of tech stocks. His $156.9 billion net worth still places him No. 2 on the Bloomberg Billionaires Index, but he’s now almost $20 billion behind Jeff Bezos, who he topped just last week as world’s richest person.Musk’s tumble only underscores the hard-to-fathom velocity of his ascent. Tesla shares soared 743% in 2020, boosting the value of his stake and unlocking billions of dollars in options through his historic “moonshot” compensation package.His gains accelerated into the new year. In January, he unseated Bezos as the world’s richest person. Musk’s fortune peaked later that month at $210 billion, according to the index, a ranking of the world’s 500 wealthiest people.Consistent quarterly profits, the election of President Joe Biden with his embrace of clean technologies and enthusiasm from retail investors fueled the company’s rise, but for some, its swelling valuation was emblematic of an unsustainable frothiness in tech. The Nasdaq 100 Index fell for the third straight week on Friday, its longest streak of declines since September.Bitcoin InvestmentMusk’s fortune hasn’t been solely subject to the forces buffeting the tech industry. His net worth has risen and slumped recently in tandem with the price of Bitcoin. Tesla disclosed last month it had added $1.5 billion of the cryptocurrency to its balance sheet. Musk’s fortune took a $15 billion hit two weeks later after he mused on twitter that the prices of Bitcoin and other cryptocurrencies “do seem high.”Extreme volatility has roiled many of the world’s biggest fortunes this year. Asia’s once-richest person, Chinese bottled-water tycoon Zhong Shanshan, relinquished the title to Indian billionaire Mukesh Ambani last month after losing more than $22 billion in a matter of days.Read more: Ambani Again Richest Asian as China’s Zhong Down $22 BillionQuicken Loans Inc. Chairman Dan Gilbert’s net worth surged by $25 billion on Monday after his mortgage lender Rocket Cos. was said to be the next target of Reddit day traders. His fortune has since fallen by almost $24 billion. Alphabet Inc. co-founders Sergey Brin and Larry Page are among the biggest gainers on the index this year. They’ve each added more than $13 billion to their fortunes since Jan. 1.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
- Tesla closes below $600 for the first time since December — here's what's weighing the stock down
  The threat of inflation is hurting stocks that are based on presumed future growth, and competition and parts shortages are also hurting.
- Tesla has closed its forums to launch a social platform and fans are not happy
  Tesla plans to shut down the forums section on its website as it launches a new social platform called the Tesla Engagement Platform, a move that’s raised the ire of a community of its most ardent supporters. Tesla first announced the new engagement platform with a notice at the top of its forums page that
- Tesla launches social platform to spur owners to take political action on its behalf
  Tesla is using its updated social platform to spur owners to take political action that benefits Tesla, and potentially other EV businesses.
- How to Find Success Within Your Failures
  There might be no better representation of failure than when a project you’ve been working on explodes spectacularly in front of an audience of thousands. When SpaceX CEO Elon Musk does it—like his company arguably did at the very tail end of its Starship prototype launch on Wednesday—the agony of failure is made tactile in towers of flame and clouds of burning shrapnel live-streaming around the world.
- Tesla Launches Own Social Media Called "Engage Platform," Closing Forums
- Tesla launches new social media platform to 'engage' its community and promote policies - Electrek
  Tesla is launching today a new social media platform called “Engage Tesla” to serve as a “home base” for owners’ clubs and Tesla’s policy team. The automaker will also be discontinuing its forum. Tesla has been running a long-standing web forum that at one point was one of the biggest places for Tesla owners and
- Tesla halts forums, launches new in-house social engagement platform
  Tesla has officially launched its own form of social media with the “Engage Tesla” platform. The new site, launched earlier today, gives owners and fans the ability to interact with each other while talking about the latest developments and rumors within the community while also updating members with campaigns related to current events. A few
- Retail Investors, Elon Musk And The Rise Of Bitcoin - Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides
  A landscape that gives more power to retail investors and the influence of celebrity endorsement have driven bitcoin’s recent rise.

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