The Dow Jones and S&P fell slightly on Thursday as the market’s rally loses steam amid disappointing U.S. unemployment data and rising coronavirus cases.
The Dow Jones and S&P fell slightly on Thursday as the market’s rally loses steam amid disappointing U.S. unemployment data and rising coronavirus cases.
Whenever we mention to people that we moved from California to Reno, Nev., they all say it makes sense because we get to avoid the high state income tax in California. California has a reputation for high taxes. California is shown in the darkest color.
Austin Russell's Luminar Technologies is now public thanks to a SPAC deal. It uses laser technology to power autonomous vehicles.
Playboy continues its transformation as it heads down the road of public company life.
Investors know that the key to profits is in the return – and that means, a willingness to shoulder risk. Risk is relative, of course, and tends to run hand-in-hand with the return potential. Find a stock with a giant return potential, and chances are, you’ve also found one with a higher risk profile. The highest returns usually come along with the lowest share prices. After all, when a stock is priced for just pennies, even a small gain in share price translates into a huge return. Which means that penny stocks – these days, usually seen as those equities priced under $5 – combine a perfect storm of market attractions: low share price, high return potential, and higher than usual risk. Using the TipRanks database, we’ve pulled up details on three compelling stocks that fit this profile of low share price and huge upside potential, 100% or more, according to Wall Street analysts. Cinedigm Corporation (CIDM)We’ll start with Cinedigm, the LA-based entertainment company specializing in content marketing and distribution along with digital cinema. Cinedigm is an independent studio for film, TV, and digital production. The company distributes digital media across a variety of content networks.Back in June, CIDM shares showed a sharp spike when the company announced its partnership with Vewd, the world’s largest OTT software provider for Smart TVs, a growing segment of the digital viewing world. Customers are shifting away from cable TV and more and more toward streaming. A working relationship with a Smart TV software company would give Cinedigm access to Vewd’s installed customer base – more than 300 million Smart TV sets. Revenues in 2020 have been fairly stable. For Q1, Q2, and Q3, the top line came in at $7.74 million, $6.02 million, and $7.18 million. The Q3 number holds the middle spot in that range. Earnings, however, missed expectations. At a 23-cent per share loss, the EPS came in 17-cents below expectations. On a positive note, CIDM reported a year-over-year sales increase in its core business of ad-based video on demand of 27%.Covering the stock for Benchmark, 5-star analyst Daniel Kurnos points out a few reasons why he thinks Cinedigm "is becoming a much more intriguing investment proposition, particularly at these levels: 1) Organic growth is still building, with the legacy channel lineup strategy on pace to achieve the 30 channel milestone 12 months ahead of schedule; 2) A new highly accretive, streaming roll-up strategy is emerging that Cinedigm is in the best position to execute with minimal competition; 3) No credence or value is being given any more to Cinedigm’s digital projector inventory or Starrise stake, both of which should ultimately benefit in a post-COVID world."In line with his bullish stance, Kurnos rates CIDM a Buy, and his $3.50 price target implies room for a stunning 573% upside potential in the next 12 months. (To watch Kurnos’s track record, click here)Currently, CIDM has 2 reviews on record, making the stock a Moderate Buy. The shares are selling for 53 cents, and the $2.75 average price target suggests an impressive 418% upside on the one-year time horizon. (See CIDM stock analysis on TipRanks)Kubient (KBNT)Content distribution relies heavily on marketing and monetization for its profits, and that’s where Kubient comes in. This cloud software company offers an ad platform that connects publishers and marketing directly with their audiences. The company works with audience automation to collect data, connect brands, and create a transparent ad environment across digital channels.Kubient is a new company in the stock market, having held its IPO just this past August. The initial offering brought in $12.5 million gross, selling 2.5 million shares at $5 each. During those first few months of public trading, which included the end of the calendar third quarter, Kubient reported some solid Q3 revenue results. The top line rose from $92,000 in Q3 to $280,000. The year-over-year gain was even more impressive, reaching 400%.Maxim analyst Jack Vander Aarde believes that Kubient holds a strong position to bring real changes to its industry. The 5-star analyst writes of the company’s potential, “KBNT’s core offering, Audience Cloud, seeks to disrupt the $325B+ digital advertising market and address the industry’s current pain points. In 2019, advertisers lost ~$42B to ad fraud, which is forecast to grow into a $100B problem by 2023, but Kubient has a potential game-changing solution called KAI [...] We project 2021 revenue of $6.6M, up 211% y/y, and 2022 revenue of $17.4M, up 164% y/y. The business is highly scalable and should unlock significant operating leverage as revenue grows.”To this end, Vander Aarde rates KBNT a Buy along with a $10 price target. This figure suggests 154% upside growth from the current share price of $4. (To watch Vander Aarde’s track record, click here)Orion Group Holdings (ORN)The construction industry brings to mind home construction and hard hats putting up high rises, and that’s the usual experience most of us have. But Orion Group Holdings occupies a specialty niche in the industry, focusing on civil marine construction, industry, and commercial concrete. The company owns subsidiaries that each concentrate on a different niche, allowing them to hone their skills in some vital – even if less recognized – sectors of the construction world.The company’s share price through this year shows both its resilience and the importance of the construction industry to the economy. ORN shares fell sharply in mid-winter, when the coronavirus hit hard at the economy by forcing lockdown policies – but it has regained ground as the economy has reopened, and has recouped more than half of its losses from that time. Overall, however, ORN is still down ~20% year-to-date.Orion’s quarterly fiscal results also show the tale. The company registered a sequential loss in Q1, but has shown gains since then. For the calendar third quarter, ORN reported $189 million at the top line. EPS has performed even better this year, beating the forecast in Q1 when a loss was expected and the actual result was an 8-cent per share profit – and spiking to 23 cents per share, or 187% above the forecast, in Q3.In a positive development heading into the end of the year, in November Orion’s concrete segment won three major contracts in Texas. The projects are located in the Houston area, and total some $52 million.Noble analyst Poe Fratt feels that this stock has room for growth, and promises returns for investors. He writes, “[We] believe that the current stock price doesn't fairly reflect the ISG restructuring improvements and the positive outlook. A combination of above-average backlog, improved profitability, lower financial leverage and attractive valuation of 2.8x 2020E EBITDA and 2.4x 2021E EBITDA supports our view that the risk/reward profile remains compelling.”Fratt’s $8.25 price target implies a 101% upside for the year ahead. He rates the stock as Outperform (i.e. Buy). (To watch Fratt’s track record, click here)The two recent Buy ratings on ORN make the analyst consensus view a Moderate Buy. The average price target of $8.13 suggests a 100% growth potential for the next year. Shares are currently selling for $4.08. (See ORN stock analysis on TipRanks)To find good ideas for penny stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Leif Soreide discussed being a risk-first trader. Plus, we take a look at stocks that have formed high-tight-flag bases: Nio stock, SNAP stock and SRRK stock.
CNBC's Jim Cramer shared his first thoughts on the market Thursday, covering an upgrade on Tesla Inc (NASDAQ: TSLA) and the acquisition of Slack Technologies (NYSE: WORK) by Salesforce.com Inc (NYSE: CRM).Cramer on Tesla: Goldman Sachs upgraded shares of Tesla from Neutral to Buy and raised the price target from $455 to $780."I felt the guy's pain," Cramer said on upgrading shares.The Goldman Sachs price target is the highest of all analysts right now. It comes after the bank downgraded Tesla in June on demand concerns. The bank said Wednesday they were "incorrect."Cramer called the analyst note a "tough situation to upgrade up here."Related Link: Tesla's Valuation Easier To Justify As Tech Company, Not AutoCramer on Salesforce: Cramer shared his thoughts on Salesforce and the stock falling off after announcing its $27 billion acquisition of Slack."Slack had a great quarter, took in a lot of customers," Cramer said.He said Salesforce can now take on Microsoft Corporation (NASDAQ: MSFT) with the deal: I think you have to do it."Cramer said this deal is a way for Salesforce to become a $500 billion company. He said Salesforce can help Slack do three times the amount of sales it's currently doing.Slack now has a bundling case against Microsoft, said Cramer, and he's "very surprised people aren't even looking at how well Slack is doing."Price Action: Shares of Tesla are up 4% to $590.71 in pre-market trading Thursday. Salesforce shares are up 2% to $225.96.See more from Benzinga * Click here for options trades from Benzinga * Why Sony's PlayStation 5 Is Winning What Could Be The Last Console War * Discovery+ Streaming Platform Could Win Big With Strong Brand, Content Library(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Covid has disrupted the global economy, but ZM, AMZN, NVDA and AMD stocks are among 24 fastest-growing companies expecting up to 711% EPS growth in 2020.
Goldman Sachs upgraded Tesla and hiked its price target, which now implies an upside potential of more than 30%.
The great news about the pent-up demand rally? While these stocks have been creeping up they are now going to explode higher.
See which stocks pay the highest dividends. When looking for the highest dividend paying stocks, investors should start by looking at "dividend yield." This is a simple calculation that divides the annual payout by the share price.
The billionaire hedge fund manager told Bloomberg News he has never met or had a conversation with Elon Musk, the chief executive officer of Tesla, but if they were to meet he would say "job well done so far." The change in tone from the bearish investor comes ahead of Tesla's entry into the S&P 500 benchmark index on Dec. 21. "Obviously this is not being valued as a car company, it's being valued on Musk ... he's the reason people own the stock," Chanos had said in 2017.
Pfizer stock tumbled Thursday after the company reportedly slashed its expectations for coronavirus vaccine deliveries in 2020 due to supply-chain issues.
Analysts favor companies that supply EV manufacturers or develop technology to support infrastructure and autonomous driving.
A rising tide lifts all boats, as President John Kennedy said, and we’re seeing it now on Wall Street, as both the S&P 500 and the NASDAQ are near record high levels. The gains are broad-based and real, and reflect a growing optimism now that the election is behind us and a COVID-19 vaccine is in sight.So let’s look back, all the way to 1973, when economist Burton Malkiel told us that “a blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by the experts.” He was pointing out the effect of random forces on a large enough sample – and the stock market, with over 7,000 publicly traded equities, and even more thousands of active traders working daily, is definitely a large enough sample.But that was before mathematician and code-breaker Jim Simons taught us all how to crunch the numbers. Simons recognized that people are not monkeys – and so have access to information that transcends random effects. He invented quantitative trading, and changed the investment landscape forever.And back in the present, Simons revealed in his most recent 13F filings three new stock positions that bear a closer look. These are buy-rated stocks that boast at least a 5% dividend yield and go up from there. We used TipRanks database to find out what else makes these picks so compelling.Plains GP Holdings (PAGP)First up is Plains GP, an oil and gas midstream holding company. Plains controls assets in the oil and gas transport sector, where it moves the hydrocarbons from the well head production sites to the refineries, storage tank farms, and transport facilities. The company assets include nearly 19,000 miles of pipelines, 8,000 crude oil railroad tankers, nearly 2,500 trucks and tractor-trailers, and, on the rivers, 20 transport tugs and 50 barges. These assets move oil and gas into and out of 148 million barrels worth of storage capacity.PAGP took a hard hit earlier this year from declines in the price of both oil and gas, and from reduced demand during the pandemic-inspired economic shutdowns. By Q2, revenue was down by more than half, to $3.23 billion. The Q3 top line shows the beginning of a recovery, with revenues coming in at $5.83 billion. Q3 EPS was flat sequentially, at 9 cents.The company’s stock price, as might be expected from the financial performance, has failed to gain much traction since it fell last winter at the start of the corona crisis. Shares in PAGP are down 52% so far this year.The low share price, however, presents investors with an opportunity. Clearly, Jim Simons would agree. His fund staked a position in PAGP by buying 1,045,521 shares of the stock. The holding is worth $8.44 million at the current share price.Plains GP has kept up its commitment to the dividend. The company cut the payment from 36 cents per share to 18 cents for the April payment, but has kept it at that level since then. The cut kept the yield from exploding as share price fell, and kept the payment affordable at current income levels. The current payment annualizes to 72 cents per common share, and gives a yield of 8.3%.Raymond James analyst Justin Jenkins likes Plains for its ability to generate cash. He writes, “PAGP's cash flow profile has actually improved this year. While 2021 will see more headwinds to EBITDA than 2020, lower capex and cost-cutting measures implemented since the pandemic still drive an FCF inflection. We now model Plains generating an all-in FCF surplus [...] We continue to believe the partnership’s outlook is much better than recent investor sentiment in the stock."In line with these comments, Jenkins rates PAGP a Buy. His $9 price target suggests it has room to grow ~10% from current levels. (To watch Jenkins’ track record, click here)Overall, there are three recent reviews of PAGP on record, and all are Buys – making the analyst consensus here a unanimous Strong Buy. The stock is selling for $8.17, and its $10 average price target implies a one-year upside of 22%. (See PAGP stock analysis on TipRanks)Granite Point Mortgage Trust (GPMT)Next up, Granite Point Mortgage Trust, is a mortgage loan company serving a US customer base. The company invests in senior floating-rate commercial mortgages, as well as originating and managing such loans. The company’s portfolio is valued at more than $1.8 billion.GPMT is showing some solid messages in recent financial performance. The company beat the forecasts on earnings, reporting 27 cents per share against a 20-cent estimate, for a 35% beat. Revenues were up year-over-year, and the company finished the quarter with over $353 million in cash and cash equivalents.That foundation allowed GPMT to keep its dividend, although the company did adjust the payment to 20 cents per common share. At that rate, it annualizes to 80 cents and yields a hefty 8.3%. This compares favorably to financial sector peers – and is more than 4x higher than the average dividend found among S&P listed companies. Granite Point is another of Jim Simons’ new positions. The quant billionaire bought up 155,800 shares of this real estate investment trust (REIT), for a stake that’s now worth $1.48 million. Stephen Laws, covering this stock for Raymond James, sees GPMT as a potential winner for dividend investors. He writes, “We expect net interest income to continue to benefit from LIBOR loans in floors, and are increasing our core earnings estimates to reflect this. While GPMT reinstated the quarterly dividend of $0.20 per share, the company still has roughly $29 million of undistributed taxable income at September 30. Given this, we anticipate a special dividend of $0.40 per share to be declared prior to year-end.”The 5-star analyst rates the stock an Outperform (i.e. Buy), and his $11 price target implies 16% growth over the next months. (To watch Laws’ track record, click here)This is another stock with a unanimous analyst rating – although the two recent Buys make the consensus view a Moderate Buy. The average price target matches Laws’, at $11, and indicates a 16% upside from the current trading price of $9.60. (See GPMT stock analysis on TipRanks)Phillips 66 (PSX)Last on our list of Simons’ new purchases is Phillips 66, the oil and gas giant. With over $107 billion in annual revenues, and more than $58 billion in total assets, Phillips 66 is deeply involved in oil production, refining, and marketing. The company also has a large presence in the petrochemical industry.The low prices, economic shutdowns, and unpredictable demand have put pressure on PSX’s share price this year, and the stock has only partly rebounded from last winter’s swoon. PSX is down 40% year-to-date, but it’s up 54% from its late-March trough.In the third quarter, Phillips 66 saw an EPS loss of 1 cent – but that was far better than the 80-cent lost which had been forecast. Revenues for the quarter came in at $15.93 billion, up 45% from the previous quarter.The company pays out 90 cents per common share, and has an 8-year history of keeping a reliable payment with occasional increases. The annualized payment of $3.60 gives a yield of 5.4%, well above the utility sector average yield of 3.3%.Simons, for his part, was impressed enough by this stock to purchase 120,800 shares. That’s a holding now worth $7.47 million.In his note on PSX, Scotiabank’s Paul Cheng notes several key points, including some that may seem counterintuitive. “Passing of Election Day may actually trigger new buying in the group even with a Biden win. Contrary to the widespread belief, the sector has historically outperformed the general market in the first year of a new Democrat Administration… Cyclical sectors could be in demand again as investors re-focus their attention from the election to vaccine availability,” Cheng opined. The analyst added, "...relative to other refiners, PSX should benefit more from a rising oil price environment given their large chemical and NGL operations."To this end, Cheng rates PSX an Outperform (i.e. Buy). He sets a $79 price target, indicating an upside potential of 25% for the next 12 months. (To watch Cheng’s track record, click here)All in all, Phillips 66 get a broad-based thumbs-up from Wall Street – as clear from the 11 Buy ratings on the stock, giving it a Strong Buy analyst consensus. (See PSX stock analysis on TipRanks)To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
At least 10 analysts have raised their price targets on Snowflake. The challenge for the Street is valuation, as the company is easily the world’s most expensive software company.
Morgan Stanley has released its "Secular Growth Stocks" list for 2021, as reported by CNBC on Wednesday.Analysts at the investment bank said it based the selection of stocks on criteria like sustainable competitive advantages, product cycles, market share gains, and pricing power that would drive strong growth.The stocks included in the list -- which features Apple Inc. (NASDAQ: AAPL) and Tesla Inc. (NASDAQ: TSLA) -- all have "reasonable valuations" and only stocks rated Overweight or Equal Weight by Morgan Stanley analysts are included, the report says, as per CNBC.The stocks in the list, also featuring Amazon.com Inc. (NASDAQ: AMZN) and Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG), are expected to generate positive revenue growth in the two fiscal years following 2020, as per one of the criteria chosen by Morgan Stanley.The investment bank, which recently upgraded Tesla to Overweight, said the electric vehicle maker is anticipated to generate a "higher percentage of revenue from recurring/high-margin services revenue."See Also: Tesla Gets Goldman Sachs Upgrade With 0 Price TargetAmazon has benefited from the COVID-19 pandemic and is well-positioned for the post-pandemic era with the expansion of its fulfillment and shipping network, as per Morgan Stanley. Advertising, subscriptions, and cloud segment seeing fast growth also contributes to the bank's outlook of the e-commerce giant.Apple's addition is primarily based on the outlook for the new line of 5G iPhones, as per CNBC. Morgan Stanley also sees Google parent Alphabet as a secular growth play based on advertising segment and video streaming through YouTube.Docusign Inc. (NASDAQ: DOCU) also features as a secular play, having established as the leader of the $25 billion+ eSignature market, Morgan Stanley reportedly noted.Other secular growth stocks listed by the investment bank, as per CNBC, include:Chewy Inc. (NYSE: CHWY)Datadog Inc. (NASDAQ: DDOG)Equinix Inc. (NASDAQ: EQIX)Facebook Inc. (NASDAQ: FB)Lulumelon Athletica Inc. (NASDAQ: LULU)Mastercard Inc. (NYSE: MA)Microsoft Corporation (NASDAQ: MSFT)Netflix Inc. (NASDAQ: NFLX)Prologis Inc. (NYSE: PLD)Salesforce.com Inc. (NYSE: CRM)Related Link: Tesla, Nio, Nikola, Zoom -- Stocks The Largest US Pension Fund Is Betting OnPhoto courtesy: WikimediaLatest Ratings for FB DateFirmActionFromTo Oct 2020Truist SecuritiesMaintainsBuy Oct 2020Wells FargoMaintainsOverweight Oct 2020MizuhoMaintainsBuy View More Analyst Ratings for FB View the Latest Analyst RatingsSee more from Benzinga * Click here for options trades from Benzinga * Twitter Fleets Could Be Accessed Long Beyond 24 Hours Due To Glitch(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Among the Dow Jones stocks, Apple and Microsoft are among the top stocks to buy and watch in December 2020.
Cruise lines were some of the hardest hit stocks in the market during the pandemic sell-off in early 2020, but they've been some of the top performers since the market bottomed.Cruises won't be resuming until 2021, but one analyst raised his price targets for cruise stocks based on increasing optimism about 2022 and beyond.The Analyst: Bank of America analyst Andrew Didora made the following price target adjustments on Thursday: * Carnival Corp (NYSE: CCL) reiterated a Neutral rating, price target raised from $15 to $22. * Royal Caribbean Cruises Ltd (NYSE: RCL), reiterated Neutral rating, price target raised from $34 to $60. * Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) reiterated Underperform rating, price target raised from $18 to $25. * Related Link: Cruise Stocks Sink After CDC Lifts Ban, Analyst Says New Guidelines Delay RecoveryThe Thesis: Didora highlighted some of the pros and cons of investing in cruise stocks at this point.Pros include the fact that cruise stocks are a pure play on a return to leisure activity, and the potential for highly effective coronavirus vaccines could put prior peak earnings back in play.Cons to investing in cruise stocks include a long path to revenue recovery and the need to potentially raise additional capital in the meantime. Didora is projecting revenue-generating cruise services will begin again in March based on the latest CDC requirements. Between now and then, Didora said the cruise lines will continue to pile on more net debt to stay afloat."With a delay in revenue service, additional capital is key, and balance sheet stress could continue," Didora wrote in the note.Bank of America is projecting 2021 year-end net debt for Carnival, Royal Caribbean and Norwegian will be 100%, 77% and 47% higher than 2019 levels, respectively. At the same time, diluted share counts will also be 56%, 6% and 46% higher, respectively.Benzinga's Take: The three cruise stocks are all up at least 80% since the March market low, which is a huge run for three businesses that are still dead in the water until at least March. The ultimate fate of the industry will be determined by how long it takes the leisure travel business to recover and whether or not the pandemic has permanently changed consumer demand.See more from Benzinga * Click here for options trades from Benzinga * Michael Burry Of 'The Big Short' Fame Confirms He's Shorting Tesla * Option Trader Bets .5M On Facebook Despite Trump's Section 230 Threat(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- Oil extended gains toward $50 a barrel after OPEC+ reached a compromise deal to gradually taper production cuts, ending days of uncertainty after cracks emerged in the alliance earlier in the week.Futures surged 1.8% in London after closing at the highest level in nine months on Thursday. The group will start adding 500,000 barrels a day of crude to the market in January, with ministers holding monthly meetings to decide on the next steps. The deal avoided a breakdown of OPEC+ unity after a tense split between Saudi Arabia and the United Arab Emirates.See also: OPEC+ Finds Its Way to an Exhausting Compromise on Output CutsThe oil futures curve, meanwhile, is signaling tighter supply and a brighter long term outlook. The prompt timespread for global benchmark Brent crude moved further into backwardation, while the nearest December contract is trading at a higher level than the same contract for December 2022.The OPEC+ deal -- agreed after almost a week of fraught negotiations -- offers something to those members concerned about the fragility of the market, and also to nations wanting to pump more to take advantage of higher prices. Oil has rallied recently on optimism fuel demand will start to rebound once Covid-19 vaccines are widely distributed.See also: OPEC+ Show of Unity on Output Deal Welcomed by Oil Analysts“The market is happy there was a decision by OPEC+ to move cautiously and in small steps,” said Victor Shum, vice president of energy consulting at IHS Markit. “It sounds like a reasonable move given the uncertainty ahead. The enduring fact is that as oil prices rise, the willingness to restrain supply withers.”Prior to the OPEC+ meeting, market watchers were expecting the alliance to delay the easing of planned output cuts by three months. Adjustments to the tapering can be in any direction, with a potential decision based on all factors, both negative and positive, Russian Deputy Prime Minister Alexander Novak said after the meeting on Thursday.The deal will still allow for the oil market to remain in deficit throughout the first quarter of next year, according to TD Securities. There should be a steady and sustainable rally in prices through 2021 with OPEC+ exiting its production cuts in a coordinated way, Goldman Sachs Group Inc. said in a note.“Energy markets are embracing OPEC+’s decision to ease up production cuts,” said Edward Moya, a senior market analyst at Oanda. “There’s uncertainty but also good reason to be optimistic for the demand outlook toward the later part of the first quarter.”Adding to positive sentiment are signs that the U.S. may be closing in on new stimulus to boost the pandemic-hit economy ahead of a vaccine rollout. The global demand recovery is uneven, with the U.S. and Europe grappling with a resurgent coronavirus, while parts of Asia rebound strongly.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Tesla Inc (NASDAQ: TSLA) CEO Elon Musk has added more than $111 billion to his fortune so far this year, emerging as the second-richest person in the world, but the wealth gained by others in the electric vehicle industry has been far greater.What Happened: Musk is worth $139 billion, after adding 403% wealth this year, according to the Bloomberg Billionaires Index -- but many of his Chinese peers have outpaced him in terms of getting richer.The wealth of William Li, founder of Nio Inc (NYSE: NIO), grew the most among the world's 500 wealthiest people. Li grew 1159% richer, adding $6.82 billion to his coffers, which swelled to $7.41 billion overall, as per Bloomberg. Xpeng Inc (NYSE: XPEV) Chairman He Xiaopeng got wealthier by 643% this year as his net worth grew to $9.8 billion.Li Auto Inc (NASDAQ: LI) CEO Li Xiang, worth $6 billion, saw his wealth rise 616%, while Wang Chuan-Fu, chairman of BYD Co Ltd (OTC: BYDDF) grew richer by 236% and is worth $14.1 billion.Why It Matters: Shares of Nio are up 1,093.53% on a year-to-date basis, while those of Tesla have risen 580%. Musk's Chinese rivals are unfazed by Tesla's plans to launch a low-priced EV and have likened the automaker to Apple Inc (NASDAQ: AAPL) in its early days, suggesting that the Musk-led company will lead to the growth of the overall market.Price Action: Tesla shares closed nearly 2.7% lower at $568.82 on Wednesday and gained 2.48% to $582.93.Related Links: Will Tesla Or Nio Stock Grow More By 2025?Click here to check out Benzinga's EV Hub for the latest electric vehicles news.Photo by Haddad Media on FlickrSee more from Benzinga * Click here for options trades from Benzinga * Tesla Gets Goldman Sachs Upgrade With 0 Price Target * Elon Musk Says Tesla Open To Merger With Legacy Automakers But Won't Attempt Hostile Takeover(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.