Tesla stock rose to its highest price in the last five months of this year during trading on Friday. This returned Elon Musk the title of the richest man in the world.
Tesla shares rose on Friday. In recent days, more and more positive news has been coming in. The company has partnered with Ford to open up its electric vehicle chargers to competitor's vehicles. Later, Ford will also start producing its vehicles with the Tesla charging port. In addition, Elon Musk has just returned from a business trip in China, where he met with top officials of the country, which underlined the importance of Tesla in the international arena.
Musk's visit to China is critical to Tesla's prospects, given the country accounts for about a fifth of Tesla's sales, Wedbush analyst Dan Ives wrote in a note to clients on Tuesday, according to Forbes. Goldman Sachs analyst Mark Delaney noted last week that the Ford partnership represents a “modest incremental positive” for Tesla stock, as it should bring in up to $3 billion in new revenue.
Tesla's stock price of $217 (highest during the Friday trading session) is the highest this year. As of this writing, it is $216. The previous high of $214 per share was reached in February. This growth is also reflected in Musk's net worth, which rose to more than $204 billion, once again making him the richest person in the world.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.