Monday, May 13, 2013

Updated news on Musk and tesla and more

Musk's SolarCity, Tesla stock up a half billion! Today!



Senior Technology Reporter- Silicon Valley Business Journal
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Tesla Motors and SolarCity made Elon Musk a lot richer on Monday, with both stocks hitting all-time highs and increasing his holdings by about half a billion dollars.
His stock in Tesla rose about 14 percent, giving him a paper gain of about $346 million. The stock has jumped by 57 percent in the past three days.
His shares of SolarCity, the solar installer run by his cousins, jumped by more than 24 percent on Monday, giving him a paper gain of nearly $146 million.
Musk is SolarCity's chairman and biggest shareholder, controlling 20.8 million shares and giving him a nearly 28 percent stake in the San Mateo company.
The stock has more than quadrupled since SolarCity went public in December at $8 a share. It rose $7 on Monday, ahead of reporting earnings, to close at $35.88.
SolarCity posted a loss attributable to shareholders of about $32 million, or 41 cents a share, on revenue of $29.9 million. Analysts projected a 26 cents a share loss on $29.1 million in revenue.
Cromwell Schubarth is the Senior Technology Reporter at the Business Journal. His phone number is 408.299.1823.

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