why is tesla stock price rising
Source: istock

What to Expect From Tesla’s Battery Day Event


Sep. 15 2020, Updated 11:03 a.m. ET

Tesla stock rose 12.6 percent on Sept. 14 and closed at $419.62. The stock rose after CEO Elon Musk tweeted that “many exciting things will be unveiled” during the Battery Day event. The event is scheduled to take place on Sept. 22 after the company’s annual shareholder meeting. Musk's tweet has been liked almost 167,600 times, which is much more than one of his usual tweets.

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What is Tesla's news?

Tesla stock rose after Musk said that “many exciting things” will be disclosed at the Battery Day event. The event is important since the competition is rising in the EV space both domestically and internationally. Wedbush analyst Daniel Ives thinks that Tesla could announce game-changing battery developments at its upcoming Battery Day event in Fremont, Calif.

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According to a report from TheFly, “Ives believes the company is getting closer to announcing the million mile battery later this month, which would be a major step forward when competing vs. traditional gasoline powered automotive competitors from both an ROI and environmental perspective, and thinks Tesla is also working on a number of battery enhancements and new cells as part of its Giga 3 innovations in China with a focus on storage/density capacity improvements.”

tesla battery day
Source: istock
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On Sept. 11, UBS analyst Patrick Hummel raised its target price to $325 from $160 and maintained a neutral rating on Tesla shares. The analyst is betting on Tesla’s Battery Day event as a catalyst for the stock.

What is Tesla’s Battery Day?

At Tesla’s Battery Day event, Musk will likely disclose exciting details about the company's battery business. A live video webcast of the Battery Day event will be accessible to the public. The event has been delayed due to the coronavirus pandemic.

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tesla upcoming battery day
Source: Getty

What is Tesla's stock price today?

In pre-market trading on Sept. 15, Tesla stock was up about 4.2 percent at $437.40. The stock has risen by 27.1 percent in the last five days and 757.1 percent in the last year. Tesla stock is trading 16.5 percent below its 52-week high of $502.49 and 860.9 percent above its 52-week low of $43.67. Year-to-date, the stock has risen by 401.5 percent.

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Elon Musk’s net worth

Elon Musk is the CEO of SpaceX and Tesla. He is one of the wealthiest people in the world. According to Forbes, Musk’s current net worth is $88.2 billion. Musk is now the world’s third-richest person on the Bloomberg Billionaires Index. Tesla stock jumped 12.6 percent on Sept. 14, which boosted his net worth by $10.3 billion. Now, Musk's net worth is higher than Facebook founder Mark Zuckerberg's net worth.


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