Elon Musk, the CEO and Founder of EV major Tesla (NASDAQ:TSLA), has upped his stake in the company to 20.5%, according to an SEC filing. Musk’s stake is currently valued at more than $120 billion, higher than the combined market capitalization of Ford (NYSE:F) and GM (NYSE:GM). This consists of 411.06 million shares held by the Elon Musk Revocable Trust and options to purchase 303.96 million shares.
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These options are exercisable within 60 days of December 31, 2023. It was not clear whether Musk had exercised these options to reach the 20.5% stake in Tesla. Elon Musk stated earlier that he would like a 25% voting stake in Tesla to decide the future of its AI business.
Musk Moves SpaceX’s State of Incorporation to Texas
Musk also moved SpaceX’s state of incorporation from Delaware to Texas. This move came after a Delaware judge voided Musk’s $56 billion compensation package. Following the judgment, the billionaire said in a post on X, “Never incorporate your company in the state of Delaware.” He also took a poll asking if Tesla should now incorporate in Texas. An overwhelming 87% voted in favor of the shift.
Source: X (formerly known as Twitter)
What Is a Fair Price for Tesla Stock?
Analysts remain sidelined about TSLA stock with a Hold consensus rating based on 12 Buys, 17 Holds, and five Sells. Over the past year, TSLA stock has slid by more than 10%, and the average TSLA price target of $220.26 implies an upside potential of 16.7% at current levels.
