Tesla shares jumped 5% after important news, and Musk earned $7 billion in one day.

2023-06-09 12:50:00

Investing.com – Tesla shares jumped 5% Friday in pre-opening trade, on expectations that its electric vehicle charging system will become an industry standard after US automaker General Motors (NYSE:) announced it will use Tesla’s own network of superchargers, after Ford (NYSE:) announced a similar agreement with Tesla last month.

Tesla was already the most valuable automaker in the world and was set to increase its market value by more than 30 billion to about $780 billion.

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Shares of General Motors, whose valuation is much lower at $49.8 billion, rose 3.5%.

The electric car maker’s stock rose by 28.4% over the past ten sessions, to close Thursday’s trading at $234.86, its longest streak of gains since the 11-day series that ended on January 8, 2021.

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Partnership details

The rare partnership between the automakers ensures that nearly 70% of the US electric vehicle market will now be based on Tesla’s North American charging standard.

This move will help GM expand charging access to the more than 134,000 chargers available to GM EV drivers today through the company’s Ultium Charge 360 ​​initiative and mobile apps.

“This collaboration is a key component of our strategy and an important step in expanding access to superchargers for our customers,” General Motors CEO Mary Barra said in her remarks, reported by Bloomberg News. “Not only will this move ease the transition to electric vehicles, but it will also help move the industry toward unified charging standards in North America,” she added.

It said the move would also break down a potential barrier for buyers, some of whom may fear there are not enough charging facilities for electric cars on US roads.

The move will add about a million drivers to Tesla’s existing charging ecosystem. General Motors plans to produce one million electric cars in the United States by 2025.

Musk’s fortune

The wealth of Elon Musk, the American billionaire founder of Tesla (NASDAQ:) and the new owner of the Twitter platform, has exceeded $ 200 billion.

Musk’s wealth, at the end of Thursday’s trading, amounted to about $214 billion, making profits of $7.36 billion in one day, according to the Bloomberg Index for the Wealthy.

Tesla represents an influential share in Elon Musk’s wealth, as its shares jumped at the end of yesterday’s trading, by 4.58%, to reach the level of $234.86.

And with the rise of Tesla’s American stock at the end of yesterday’s trading, Elon Musk’s wealth rose on an annual level by about $ 77.4 billion.

The founder of Louis Vuitton, the French billionaire Bernard Arnault, came second with about $189 billion.

The third on the list came at the end of yesterday’s trading, American Jeff Bezos, founder of Amazon (NASDAQ:) the e-commerce giant, with a fortune of approximately $148 billion.

American Bill Gates, founder of Microsoft (NASDAQ:) came in fourth place, with a fortune of $128 billion.

And in fifth place on Bloomberg’s list of billionaires came American Larry Ellison, founder and CEO of Oracle, with a fortune of $ 121 billion.

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