Tesla CEO Elon Musk tweeted a week ago that his company’s shares were priced “too high.”
The stock closed 7.78% higher Friday compared to when he tweeted last week.
Shares are up 16.84% from the close of market on the day he tweeted.
Last week, the IRS began issuing stimulus payments to Americans. Individuals are eligible for $1,200, while married joint filers could collect $2,400. Households are entitled to $500 per qualifying child.
Apple lost $100 billion in value on Monday, while Microsoft’s market cap plunged by $83.6 billion
The broader market had its worst day since the 2008 financial crisis, because of concerns about coronavirus and plunging oil prices.
Tesla dropped 14%.
Netflix reported its Q1 2020 earnings after the bell on Tuesday.
The company showed a huge uptick in new subscribers, which it attributed to people staying at home due to the coronavirus pandemic.
CEO Reed Hastings also praised rival Disney’s execution in launching its new streaming service, Disney+, last fall.
Amazon’s stock hit a new all-time high Tuesday as the coronavirus pandemic has catapulted the company into an unprecedented spotlight.
Amazon has said it would hire 175,000 more warehouse and delivery workers to keep up with the growing demand.
Once life returns to some sense of normalcy, Amazon could end up retaining customers whose loyalty it gained during the crisis.
The company said it estimates 39.8 million active accounts as of March 31, 2020, with a net increase of 3 million since December 31. It also expects its first-quarter streaming hours to be 13.2 billion, a 49% increase year-over-year.
Several major manufacturers are now developing electric vehicle offerings.
Worldwide electric car sales hit 1.98 million in 2018, according to the IEA, with global stock reaching 5.12 million.
An employee at Tesla’s sprawling battery plant outside of Reno, Nevada, has tested positive for COVID-19 according to internal communications obtained by CNBC.
Tesla announced on March 26 that it plans to reduce the number of workers at the Gigafactory by around 75%.
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Tesla announced on Thursday it plans to offer $2 billion of common stock.
CEO Elon Musk will buy as much as $10 million of stock in this offering, while board member Larry Ellison will also purchase up to $1 million.
The move comes two weeks after Musk declared that Tesla did not plan to raise any more capital.
