Published: Wed, October 03, 2018
Markets | By Erika Turner

Elon Musk recovers, $1.7 billion added to his wealth

Elon Musk recovers, $1.7 billion added to his wealth

Shares last Thursday had finished at $307.52, before the SEC unveiled its enforcement action over Musk's August 7 tweet stating he'd lined up funding to take Tesla private at $420 a share.

Tesla shares jumped 17 per cent on Monday as signs it had met targets for quarterly auto production added to relief at CEO Elon Musk's settling of a lawsuit with regulators that had threatened to force him out.

Tesla did say that it had missed its weekly Model 3 production target on Tuesday and outlined a series of barriers it faced due to the worsening of President Donald Trump's trade war with China.

It's been a tough year for Tesla. Tesla also made a major leap in the number of cars that were delivered to customers who had pre-ordered them. He settled fraud charges brought by the Securities and Exchange Commission last week by agreeing to pay US$20 million and step down as chairman. "If Musk can step away from the external stuff that doesn't matter, he'll make the game that much easier for himself, and that will be good for everyone, just like this settlement".

And in a September 30 email to employees that was filed with the SEC on Monday, Musk said the company was "very close to achieving profitability and proving the naysayers wrong".

Canada and Trump administration at impasse — NAFTA negotiations
A Trump administration official said the text of the agreement with Mexico was set to be published on Friday. Lighthizer has praised the U.S. -Mexico deal as likely to reduce the $71 billion trade deficit with Mexico.

Tesla announced Tuesday that it delivered 55,843 Model 3s between July and September, confirming reports that the company's mass-market electric is the fifth bestselling auto model in the United States. "If we go all out tomorrow, we will achieve an epic victory beyond all expectations". Overall, 55,480 of these were Model 3s compared to 14,470 Model Ss and 13,190 Model Xs.

"Today's production announcement offers a bit of redemption to the Tesla faithful", said Jeremy Acevedo, Edmunds manager of industry analysis, in an email. Investors saw the initial settlement agreement as a decent and quick solution to the charges, sending shares soaring almost 17% in Monday's trading session. My auto is one of these.

The higher delivery than production numbers could indicate that Tesla is beginning to reduce the inventory that may be held on these lots. "@Tesla @elonmusk... Please make this right".

Gordon said patience is wearing thin for people who have already put down $1,000 to get on a waiting list for the Model 3.

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