Tesla shrugs off pandemic as sales hit new record

By October 21, 2020 0

The electric carmaker has recorded its fifth quarter of profit in a row.

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- Mainers using Elon Musk's satellite internet say it's no silver bullet for rural access
  For now, it is providing Mainers with slow or no internet connections with much desired high-speed access.
- Elon Musk reports Tesla FSD beta program in high demand
  Driver demand to try out Tesla's Full Self-Driving beta program is apparently high, Elon Musk says.
- Tesla To Unveil Updated Cybertruck In Coming Quarter
  Tesla Inc (NASDAQ: TSLA) CEO Elon Musk said over the weekend that an updated version of the upcoming Cybertruck will be unveiled in the next quarter. What Happened: The entrepreneur teased the reveal of the electric pickup in a tweet. Update probably in Q2. Cybertruck will be built at Giga Texas, so focus right now is on getting that beast built. — Elon Musk (@elonmusk) March 6, 2021 Musk said the present focus has to be on building the Gigafactory in Texas where the vehicle will be built. Why It Matters: In October last year, Musk had said that the Cybertruck was going to be “better than what we showed.” See Also: Tesla Cybertruck And SpaceX Starship To Use A New Alloy, Musk Reveals The highly anticipated vehicle was first unveiled in November 2019 and was put up for sale on the Tesla website for $39,900 without added incentives. See Also: Rivian Starts Taking Pickup Orders, With Pricing That Tops Tesla Cybertruck In May last year, Musk went on a drive with comedian Jay Leno and at the time Musk had said about the vehicle they drove that it was “pretty close” to the final version, but the proportions needed to be 5% smaller to fit in a standard garage. Price Action: Tesla shares closed nearly 3.8% lower at $597.95 on Friday and fell 0.28% in the after-hours trading. Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. Photo by BrickinNick on Fickr See more from BenzingaClick here for options trades from BenzingaElon Musk Says There's A Reason Why Only 2 US Carmakers Have Avoided Bankruptcy Out Of ThousandsTesla Should Sell Its Bitcoin and Buy Back Shares To Create 'Positive Momentum,' Says Analyst© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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  SpaceX is pushing hard to get more Starlink satellites in orbit to expand its satellite Internet connectivity around the country. While the main part of that system is the satellites SpaceX puts in…
- 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.
- A Tweet About Elon Musk Had A Lot Of People Talking About His Bad Coronavirus Opinions
  A story asked if a microchip could make people as smart as Musk, but people pointed out plenty of things that he’s gotten wrong.
- Elon Musk lost $27 billion last week
  Elon Musk's net worth plunged last week as tech stocks got hammered and Tesla shares' stunning rise quickly unraveled.
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- Elon Musk And His Rise As A 'FinTwit' Influencer
  When Tesla Inc (NASDAQ: TSLA) CEO Elon Musk in 2018 famously tweeted “funding secured” and promised to take Tesla private at $420 a share, investors took notice....
- Elon Musk And His Rise As A 'FinTwit' Influencer
  When Tesla Inc (NASDAQ: TSLA) CEO Elon Musk in 2018 famously tweeted “funding secured” and promised to take Tesla private at $420 a share, investors took notice. Although he never followed through, the tweet cost him and the company a combined $40 million to settle fraud charges with the U.S. Securities and Exchange Commission. This hasn’t deterred him from tweeting, however. Musk has continued to influence share prices of not only Tesla but other companies as well through his platform on Twitter. Early Influences: Although only added to the Merriam-Webster dictionary in 2019, “influencer” is not a new idea. SocialMediaToday described en English potter named Wedgwood as an early form of influencer, for creating in 1760 a tea set for the Queen of England. In the 18th century, members of the monarchy were the most famous influencers in the West, and Wedgwood's marketing helped him win “royal-approved” brand recognition that still exists today. Modern Influence: In modern times, social media platforms like Facebook, Inc.'s (NASDAQ: FB) Instagram and Snap Inc's (NYSE: SNAP) Snapchat have become the go-to venues for brands to advertise their products through the use of social media influencers. Twitter Inc (NYSE: TWTR) has lagged behind its competitors as an influencer space, however. But it does have sway in the area of finance, giving rise to influencers on "FinTwit," or Finance Twitter. Musk is among the few CEOs of a major company to possibly hold this title. He is known to let loose on Twitter, often posting thoughts on companies, stocks and cryptocurrencies in a manner that can sometimes seem unhinged. With 48.4 million followers, however, there’s ample proof that his tweets influence share prices and his celebrity following can further intensify price action as well-known athletes and musicians echo his sentiments. Despite new investigations by the SEC over his tweets on Dogecoin (CRYPTO: DOGE) this year, Musk seems unfazed by the U.S. federal agency’s threats, and his Twitter behavior has not changed. This has helped Musk gain a reputation as a rebel who fights against the Wall Street elite and wants the average FinTwit investor to win. Despite being the richest person in the world, FinTwit followers treat Musk as one of their own, often asking him questions and sometimes even receiving a response. Holding Sway: Musk tweets played a role in Dogecoin's running to an all-time high early last month. They also featured in the GameStop Corporation (NYSE: GME) mania. On Jan. 26, Musk posted “Gamestonk!!” followed by a link to the r/WallStreetBets forum. This was another factor in the 225% rise over the next three days in GameStop shares. Earlier that day, Musk influenced the share price of Etsy Inc (NASDAQ: ETSY) when he posted “I kinda love Etsy” and “bought a hand knit wool Marvin the Martian helm for my dog.” His tweets sent shares of the e-commerce site soaring 9% to $225.74, before markets opened. Musk isn’t always so literal, however, and he’s been known to tweet in riddles, leaving fans to guess at the meaning. On May 1 last year, Musk tweeted, “Tesla stock price is too high imo,” sending the company’s share price tumbling 11%. It’s not known whether Musk intended to push down the stock price of his own company or whether he wanted to give his followers a hidden message. A few months later in August, Tesla announced a stock split of 5-1 — echoing the date he posted the tweet. Musk has also unintentionally sent shares soaring. In January, Musk tweeted support for the encrypted messaging app Signal, run by a non-profit, which inadvertently sent shares of Signal Advance, a completely unrelated company, soaring 1100%. With millions of followers hanging off his tweets, it’s no wonder Musk has the ability to move stocks. Some traders have learned to use it to their advantage and follow his tweets for buy and sell signals. Others aren’t too happy about his powers as a financial influencer and want him to stop. Traders and investors may just have to learn to get used to it, though, as so far even the SEC has been unable to stop him. See more from BenzingaClick here for options trades from BenzingaNetflix Introduces New TikTok-like Mobile App Called Fast Laughs4 Twitter Analysts Break Down New Features, Revenue Goals© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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