But no, Franklin didn’t "invent" electricity, (any more than Columbus "discovered" the new world.) Franklin did help harness it and maybe coined the phrase "electric battery." Some version of the kite and the key story may in fact be true. The word "electric" comes from the Latin word electricus ("of amber" or "like amber,” also the elektron, the Greek word for "amber") because one way we humans first became aware of electricity was when amber is rubbed it becomes magnetic. I want to go through some of these companies, but before that, some brief history about, yes, electricity. In fact one of the most serious parlor games on Wall Street right now is picking which other e-businesses will become dominant tomorrow. (AP Photo/Susan Walsh, File)īut Tesla won't be the only (dare I say) blue chip e-company forever.
10, 2021, will cover tax obligations for stock options granted to Musk in September. The sales, disclosed in two regulatory filings late Wednesday, Nov. After making a promise on Twitter, the Tesla CEO has sold about 900,000 shares of the electric car maker's stock, netting over $1.1 billion that will go toward paying tax obligations for stock options. But he adds: “That’s how things are sometimes.” (It’s ironic that Tesla is on this kind of trajectory, while GE, a company rooted in the history of humanity’s taming of electricity, is now a shadow of its former self and being broken up.)įILE - Tesla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington on March 9, 2020. “I don’t want to make any serious comment about Tesla's market cap - it being higher than the next seven or eight automakers combined is somewhat comical,” says Chandrasekaran.
Tesla’s trillion dollar market capitalization - the most valuable car company on the planet - is of course tough to justify. And of course Musk’s vision and strategy encompass much more than just Tesla, which is an element of an electric ecosystem he’s building including SolarCity and a distributed power grid. Beyond the fact that Tesla has cumulatively sold more than 2 million cars, consider that Musk, the personification of the electric revolution, is worth some $294 billion, (way richer than Jeff Bezos - $200 billion), and up $124 billion this year. Those two statements are unassailable and are immutable regardless of what Musk does or what happens to the company, car or stock going forward.Ĭertainly the market has more than validated this. So much has been written about Musk and Tesla, I’ll just boil it down to this: Musk is a visionary. That will change.Īt this point - Rivian notwithstanding - it's mostly, one man, one company and one stock: Elon Musk and Tesla. In the U.S., EV sales have been lagging compared to China and Europe around 6% or so,” he said. In China and Europe they’re firmly in the mainstream now. “In the first three quarters, we’ve already exceeded all of 2020 sales. It’s begun with cars, (though we’re still early days at least in the U.S.) “EV sales have been skyrocketing over the last couple years," says Ram Chandrasekaran, an EV analyst at Wood Mackenzie. What do I mean by that? Simply that there is a revolution happening right now that’s transforming all businesses, which use engines that burn fossil fuel, and forcing them over to electric power. Welcome then to the new Economy Electric. This week’s New Yorker cover pretty much sums it up - Don Quixote looking to tilt a cluster of giant wind turbines. They’re a massive, rapidly growing and increasingly core part of our world. It’s also the case that EVs, Elon and all things electric aren’t fringe anymore. So the week might sound kind of bananas but in this quarter of the business universe, that’s actually pretty much SOP. Item 3: Also on Tuesday, Hertz, which had its IPO this week, confirms it is going to buy 100,000 Teslas, highlighted in an ad campaign, “Let’s Go!” featuring Tom Brady. Rivian’s ( RIVN) market value of $100 billion is bigger than Ford’s or GM’s. Its stock soars 29% in the biggest IPO since the company formerly known as Facebook debuted in 2012. Item 2: On Tuesday, electric truck maker Rivian goes public. Musk is still the richest man in the world.
Then Musk sells 5.2 million shares or $5.8 billion of stock (as of Friday.) Tesla shares rally. TSLA tanks on the news and Musk loses $50 billion. Item 1: Tesla ( TSLA) CEO Elon Musk polls his Twitter followers if he should sell his Tesla shares. For a certain sector of the economy the past week has been electric.
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