Silicon Valley billionaire Elon Musk said on Tuesday he had relocated to Texas from California as he wanted to focus more on Tesla Inc’s new electric car plant and his SpaceX venture in the Lone Star state.
Musk confirmed the move in an interview with Matt Murray, the Wall Street Journal’s editor in chief.
“The two biggest things that I got going on right now are the Starship development in South Texas … and then the big new U.S. factory for Tesla,” the 49-year-old Tesla chief said.
“It wasn’t necessarily a great use of my time here (in California)”.
Texas might potentially offer some tax reprieve for the world’s second richest man. It does not collect personal income tax while California has some of the highest state tax rates in the United States.
An over 670% jump in Tesla shares this year has boosted Musk’s net worth from $27 billion to $155 billion, just behind Amazon.com Inc’s Jeff Bezos, according to the Bloomberg Billionaires Index.
Musk said tech companies in Silicon Valley had too much influence on the world and predicted a decrease in their power.
On Tesla’s move to raise $5 billion in capital, he said: “We thought we can retire a lot of the debt and increase the security of the company … have more of a war chest.”
Musk has earned Tesla stock options related to his 2018 pay package that are currently worth almost $20 billion.
Tesla shares were up 0.6% in trading after the bell.
Tesla, Inc., formerly Tesla Motors, Inc., designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products.
The Company operates through two segments: Automotive, and Energy generation and storage.
The Automotive segment includes the design, development, manufacturing, and sales of electric vehicles.
The Energy generation and storage segment includes the design, manufacture, installation, and sale or lease of stationary energy storage products and solar energy systems to residential and commercial customers, or sale of electricity generated by its solar energy systems to customers.
The Company produces and distributes two fully electric vehicles, the Model S sedan and the Model X sport utility vehicle (SUV). It also offers Model 3, a sedan designed for the mass market.
It develops energy storage products for use in homes, commercial facilities and utility sites.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 483.00.
The projected upper bound is: 703.59.
The projected lower bound is: 605.32.
The projected closing price is: 654.45.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 93.9537. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 5 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 78.61. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 14 period(s) ago.
Rex Takasugi – TD Profile
TESLA INC closed up 8.120 at 649.880. Volume was 100% below average (consolidating) and Bollinger Bands were 148% wider than normal.
Open High Low Close Volume 625.505 651.280 618.500 649.880 132,689
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 592.04 463.93 290.64 Volatility: 60 66 109 Volume: 41,969,700 38,633,860 69,968,008
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
TESLA INC is currently 123.6% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into TSLA.O (mildly bullish).
Our trend forecasting oscillators are currently bullish on TSLA.O and have had this outlook for the last 13 periods. Our momentum oscillator is currently indicating that TSLA.O is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.