Tesla Stock Tops $100 for First Time
Tesla CEO Elon Musk must be feeling good today. The share price for his electric car company gained 7.7 percent today and rose to $104.58 shortly after noon.
Bloomberg reports that the company’s shares were trading in high volume with 9.3 million changing hands compared to the 5.9 million daily average. Through May 24 the shares have almost tripled in value.
Last week the company fully repaid its debt to the Department of Energy years in advance. Tesla gathered a frenzy of media attention after reporting its first quarterly profit of $11 million.
Tesla is expected to make an announcement about the expansion of its supercharger network soon. The announcement was initially expected last week, but Musk delayed it citing the loan repayment as the reason.
[Source: Automotive News]
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