Elon Musk defiantly defends himself in Tesla tweet trial insisting he could have pulled the deal off
Elon Musk has concluded his testimony in a federal trial over a class-action lawsuit that alleges he misled Tesla shareholders with a tweet about an aborted buyout. (Jan. 24) (AP video: Terry Chea/Production: Chris Havlik)
Tesla on Wednesday posted record net income in the fourth quarter of last year, and the company predicted that additional software-related profits will keep its margins higher than any other automaker.
- At the end of 2021, Tesla was a $1.1 trillion company.
- But as of Dec. 28, it was worth $353 billion, a 68% decline.
- At that same time, the stock was down over 70% year-to-date and it’s on track for its worst month, quarter and year ever.
- Shares of the same company skyrocketed by more than 1,100% from the beginning of 2020 to the end of 2021.
Tesla shares on Wednesday closed at $144.43 up more than 30% from the start of the year .
Financial results posted this afternoon
The Austin, Texas, maker of electric vehicles and solar panels said it made $3.69 billion from October through December, or an adjusted $1.19 per share. That beat estimates of $1.13 that had been reduced by analysts, according to FactSet. The company’s profit was 59% more than the same period a year ago.
Revenue for the quarter was $24.32 billion, which fell short of the $24.67 billion that analysts expected.
But the company’s automotive gross profit margin, which is revenue minus cost of goods sold, fell from 30.6% in the fourth quarter of 2021 to 25.9% in the same period in 2022.
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Earlier this month, Musk broke the world record for the largest loss of personal fortune in history.
Guinness World Records reported the record after Forbes assessed the Tesla CEO lost $182 billion, although other sources suggest that it could actually be closer to $200 billion.
The drop followed a trend as, at that time, Tesla stock had plummeted 58% since the beginning of the year
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Includes information from the Associated Press. Contributing: Elisabeth Buchwald
Natalie Neysa Alund covers trending news for USA TODAY. Reach her at firstname.lastname@example.org and follow her on Twitter @nataliealund.