Tesla’s valuation may reach $1 trillion

Tesla’s valuation may reach $1 trillion
# 23 June 2016 11:42 (UTC +04:00)

Baku - APA-Economics. "Tesla Motors Inc Chief Executive Officer Elon Musk said on Wednesday that the proposed acquisition of SolarCity Corp could eventually push the electric car maker's valuation to $1 trillion, but investors were sceptical, Reuters reported.

Shares of Tesla were down nearly 7 percent at $204.50, putting its market capitalization at $29.8 billion. The much smaller SolarCity was up nearly 9 percent at $23.01, valuing the U.S. market leader in residential rooftop solar panels at $2.2 billion.

Tesla on Tuesday offered to buy SolarCity in a stock deal worth as much as $2.8 billion.

"I have no doubt about this - zero," Musk, a major shareholder of both companies, said on a conference call with analyst before markets opened on Wednesday. "We should have done it sooner."

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