Elon Musk Announces 500 Mile Semi To Ship This Year, Cybertruck Next Year The Daily Financial Trends

August 11, 2022 Stu Turley Finance, The Daily Financial Trends
Elon Musk

Tesla CEO Elon Musk tweeted Wednesday that the electric automaker will begin shipping its 500 mile range Semi Truck to customers this year, and deliveries of the company’s Cybertruck will begin next year.

Tesla Semis have been seen undergoing testing at a Frito Lay facility over the past year, and the company has had special Tesla Megacharger stations designed for the Semi installed, leading to speculation the snack food company will be a major customer. PepsiCo has also reportedly ordered 100 units of the Semi.

Shares rose 1.9% pre-market on the news, even as word spread the CEO had just liquidated $6.9 billion in stock in the event he is forced to follow through on his teetering $44 billion purchase of Twitter, according to SEC filings revealed Tuesday.

According to the filing, Musk sold 7.9 million shares of Tesla from Friday to Tuesday, at prices ranging from $838.57 to $911.75 – for roughly $6.9 billion.

Investors were also processing the announcement that shares will begin trading on their three-to-one split-adjusted basis Aug 25th.

Overall Tesla is down 20% year to date, while the S&P 500 has only fallen 13.5%.

The Daily Financial Trends

About Stu Turley 3346 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.

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