Musk richer than Zuckerberg … but he wants to offer shares to the market …
According to the Bloomberg Billionaire Index, Musk overtook Facebook co-founder Mark Zuckerberg as Tesla shares continued their unstoppable rise after undergoing a forward equity split. Yesterday, Musk was worth $ 111.3 billion compared to $ 110.5 billion for Zuckerberg. The table below shows the absolute net worth of the world's top 10 billionaires as of Friday's close. Of course, the race between the two varies from second to second depending, above all, on Tesla's prices which today, for example, were slightly down.
As Bloomberg notes, “Musk has seen his wealth soar, with his net worth growing by $ 76.1 billion this year as Tesla shares have risen more than 475%. Also useful: a bold pay package – the largest corporate pay deal ever reached between a CEO and a board of directors – that could bring him more than $ 50 billion if all goals are met. "
Miraculous growth at a time when new car sales are rebounding, but after two months of free fall, and of a company that, at least in Europe, is starting to feel competition from other automakers entering the car market. electric mobility. Even more impressive is the fact that Elon Musk joined the "10 richest men" club just a few months ago… Here's what the ranking looked like a few days ago:
But the very rich Musk needs liquidity. In fact, we learn that Tesla has entered into a stock distribution agreement – read an "At-the-market" (ATM) offer – with banks including Goldman Sachs, BofA Securities, Barclays Capital, Citigroup Global Markets, Deutsche Bank, Morgan Stanley , Credit Suisse, SG Americas, Wells Fargo, and BNP Paribas (virtually every bank possible) to sell up to $ 5 billion worth of stock from time to time under Tesla's instructions.
A move that is usually made by small corporations that have to invest, but cannot offer profits in the short term. This is probably why Tesla is a little shy today, if it has to finance itself with the sales of shares with an ATM.
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Zuckerberg's richest Musk article … but he wants to offer shares to the market … comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/musk-piu-ricco-di-zuckerberg-pero-vuole-offrire-azioni-al-mercato/ on Tue, 01 Sep 2020 17:50:25 +0000.