2020/12/21 13:01 DETROIT (AP) In the middle of last year, Tesla s losses were piling up, sales weren t enough to cover expenses and big debt payments loomed. The situation was so bad that one influential Wall Street analyst raised the possibility that Tesla wouldn t be able to pay its bills and would have to be restructured financially. Since then, the electric car and solar panel maker s shares have skyrocketed, rising over 700% this year alone. Monday morning it will join the prestigious S&P 500 index with a market value of over $600 billion. It s the largest addition in the history of the index. Tesla s rise to become the world s most valuable automaker and rank among the top 10 biggest U.S. companies is a surprising accomplishment considering that the company lost $1.1 billion in the first half of 2019. The increase is so stunning that even CEO Elon Musk has said the shares are overpriced.
DETROIT In the middle of last year, Tesla s losses were piling up, sales weren t enough to cover expenses and big debt payments loomed. The situation was so bad that one influential Wall Street analyst raised the possibility that Tesla wouldn t be able to pay its bills and would have to be restructured financially. Since then, the electric car and solar panel maker s shares have skyrocketed, rising nearly 700% this year alone. Monday was its first day of being included in the prestigious S&P 500, and it didn t go well. Shares tumbled 6.5% to $649.86 even though the index as a whole lost only 0.4%. The stock hit a record high on Friday.
Tom Krisher
FILE- In this Nov. 8, 2020, file photo, an unsold 2021 S70 sedan sits at a Tesla dealership in Littleton, Colo. Tesla will join the S&P 500 on Monday, Dec. 21, 2020, after a streak of profitable quarters helped push its stock price up over 700% this year. (AP Photo/David Zalubowski, File) December 21, 2020 - 1:43 PM
DETROIT - In the middle of last year, Tesla s losses were piling up, sales weren t enough to cover expenses and big debt payments loomed. The situation was so bad that one influential Wall Street analyst raised the possibility that Tesla wouldn t be able to pay its bills and would have to be restructured financially.
Yahoo! Finance Publishes Strange Article On Why Tesla Didn t Win Its Company of the Year Award cleantechnica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cleantechnica.com Daily Mail and Mail on Sunday newspapers.