CNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines. On today’s show, CNBC’S Phil LeBeau explains the reasons behind Tesla’s lightning fast run to nearly $1,890 a share. Plus CNBC’s Frank Holland breaks down how the DIY trend is sending sales – and profits – higher at Home Depot.
Elon Musk’s net worth is soaring in 2020, as Tesla’s surging stock price has roughly quadrupled since the start of the year.
Musk owns about 20% of Tesla’s stock, a stake that’s worth more than $50 billion, according to research firm Wealth-X. Overall, Musk’s personal net worth is estimated to be at least $66.7 billion, according to Wealth-X, which provided CNBC Make It with estimates of the value of Musk’s assets as of August 13. The rest of Musk’s net worth includes a stake in private aerospace startup SpaceX that Wealth-X values at $15.3 billion, along with cash and other substantial holdings, including multiple multimillion-dollar real estate holdings.
(In fact, Tesla’s stock continued to soar this week ahead of a stock split later this month which Wall Street analysts believe could cause even more demand for the hot stock.)
Canoo CEO Ulrich Kranz likes to call his EV subscription company’s first model a “spaceship” or a “loft on wheels.” Soon, he expects to have the money needed to build Canoo’s initial model, which looks like a cross between van and a shuttle bus.
“This will be a lifestyle vehicle,” Kranz told CNBC. He said the company, which is merging with a special purpose acquisition company, or SPAC, gives it “a huge opportunity to access the resources and develop our vehicles and bring them to market.”
Canoo, which will use a membership model to sell its electric vehicles, will go public after it merges with Hennessy Capital Acquisition Corp IV, a “blank-check” SPAC created to finance a merger that often leads to an IPO. In this case, Canoo will list with Nasdaq under the ticker symbol CNOO.
Home Depot said Tuesday its quarterly sales soared 23% as consumers stuck in the house during the coronavirus pandemic tackled home improvement projects, handily beating investor expectations.
The retailer also topped Wall Street’s forecasts for earnings per share and revenue. Customer transactions, average ticket size and sales per retail square foot all saw double-digit growth from the same time last year.