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Tesla Shares Reach Highest Point in Over a Year Amid Strong Post-Earnings Rally

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Tesla shares rose to $267.79 on Friday, marking their highest close since September 2023 following a strong third-quarter earnings report. After surging 22% on Thursday, Tesla’s stock has now increased 8% for the year, narrowing the gap with the Nasdaq’s 24% gain in 2024. Piper Sandler raised its 12-month price target to $315, citing stronger delivery rates and higher margins.

Tesla’s Q3 revenue reached $25.18 billion, slightly below estimates but up 8% year-over-year, with adjusted earnings per share of 72 cents—outperforming analyst forecasts. Profit margins saw a boost from $739 million in regulatory credits and $326 million from its Full Self-Driving (FSD) system, though JPMorgan analysts view regulatory credits as an uncertain source of cash flow.

On the earnings call, CEO Elon Musk forecasted vehicle growth between 20%-30% for 2025, largely driven by advancements in autonomy and more affordable vehicle models. Musk anticipates production of Tesla’s Cybercab robotaxi, with its unique butterfly doors and no manual controls, by 2026. Pilot autonomous ride-hailing services are set for 2025 in California and Texas.

Musk’s net worth rose to approximately $274 billion after the rally, positioning him $60 billion ahead of Oracle founder Larry Ellison. However, Tesla’s shares still lag about 35% behind their all-time high in 2021.

Competitive Landscape
Despite the stock’s recent surge, Tesla faces intensifying competition from Chinese manufacturers like BYD and Nio, and U.S. legacy automakers Ford and GM, who are expanding their EV offerings despite recent reductions in electrification commitments. Additionally, while Musk is optimistic about Tesla’s autonomy progress, analysts from Bernstein caution that Tesla continues to trail competitors in robotaxi technology.

Eutelsat Launches First Satellites After Merger Using SpaceX Rocket

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Eutelsat, the world’s third-largest satellite operator by revenue, successfully launched 20 satellites on Sunday using Elon Musk’s SpaceX Falcon 9 rocket. The launch from California’s Vandenberg Space Force Base marked the company’s first major satellite deployment since the merger of Eutelsat and Britain’s OneWeb in September last year.

Eutelsat CEO Eva Berneke expressed optimism about the launch, highlighting the company’s plan to continue deploying satellites in the coming years. The Paris-based company now operates a constellation of over 600 low Earth orbit satellites, catering to broadcasters, telecom companies, and radio stations.

“We aim to integrate more closely into the telecommunications ecosystem,” Berneke said, noting that while satellites remain a niche in the broader connectivity landscape, they play an essential role. Telecom operators, including France’s Orange and Australia’s Telstra, are among Eutelsat’s clients, with discussions ongoing with U.S. operators such as AT&T.

Eutelsat has a $4 billion backlog of orders, with expectations to expand services in markets like India and Saudi Arabia. India, a rapidly growing market expected to reach $1.9 billion by 2030, is in the process of opening up to satellite services, though it faces regulatory challenges with domestic players like Starlink. Berneke stated that Eutelsat is ready to act once India allows satellite services, with plans for immediate expansion.

Additionally, Eutelsat is exploring opportunities to provide in-flight connectivity for aviation companies, offering services like internet browsing. The company expects its revenue to grow starting next year as these projects come to fruition.

 

Elon Musk Promises $1 Million a Day Giveaway to Petition Signers in Support of U.S. Constitution

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Billionaire Elon Musk made headlines on Saturday by pledging to give away $1 million each day until November’s U.S. election to someone who signs his petition in support of the U.S. Constitution. Musk kick-started this initiative by awarding a $1 million check to John Dreher, an attendee at an event in Pennsylvania meant to rally support for former President Donald Trump’s 2024 campaign.

“By the way, John had no idea. So anyway, you’re welcome,” Musk quipped as he handed over the check to Dreher. This cash giveaway is the latest in a series of efforts by Musk to leverage his vast fortune to influence the highly contested presidential race between Republican candidate Donald Trump and his Democratic opponent, Kamala Harris.

Musk’s political action committee (PAC), America PAC, which he founded in support of Trump, is focused on mobilizing voters in key battleground states. However, recent reports indicate that the PAC has faced challenges in reaching its registration goals. Musk has held three events in Pennsylvania over the last few days, urging supporters to vote early and motivate others to do the same. At Saturday’s event, he framed the upcoming election as critical, claiming that if Harris wins, it could be “the last election,” hinting at dire consequences for the future of the U.S.

During his speech, Musk referenced two assassination attempts on Trump, arguing that they demonstrate Trump’s disruptive influence on the political landscape, something he claims Harris is incapable of achieving. “Assassinating a puppet is worthless,” Musk remarked, reiterating a claim he made earlier on social media.

The petition, which Musk is encouraging people to sign, pledges support for the First and Second Amendments, affirming freedom of speech and the right to bear arms. Attendees at the Pennsylvania event were required to sign the petition, allowing America PAC to collect voter contact details as part of its effort to boost Trump’s voter turnout.

Musk, ranked by Forbes as the richest person in the world, has contributed at least $75 million to America PAC, according to federal records, making it a key player in Trump’s bid for re-election. Musk, known for his ventures in Tesla and SpaceX, has increasingly aligned with Republican causes, emerging this year as a vocal Trump supporter. In response, Trump has stated that, if re-elected, he would appoint Musk to lead a government efficiency commission.