Tesla shares surge to push market cap above $160bn. World Health Organisation and social media giants tackle misinformation on coronavirus outbreak online.
Musk on a High
Tesla is on a roll. The electric car maker's shares have rallied over 50% since last Wednesday, when the company posted its second consecutive quarterly profit. Since June, Tesla shares have climbed by about 400% and yesterday (Tuesday), its shares surged by as much as 24%. All this skyrocketing business has benefited its market capitalisation, which had only recently crossed $100bn and is presently at $160bn. This is almost twice the combined value of Ford and General Motors.
Tesla CEO Elon Musk gets richer too. His 19% stake in the company has bolstered by $16bn since the start of 2020 to a sweet $30bn. [Moneycontrol]
Coronavirus vs Garlic
After declaring a global health emergency over the coronavirus outbreak, the World Health Organisation has launched a campaign with the hashtag #KnowTheFacts in order to counter various falsehoods about the virus.
These lies have gained traction on social media of late, and they include everything from claims that sesame oil and garlic can help prevent infections to advice that the way to block the contagion is to keep your throat moist at all times. Google, Facebook, TikTok and Twitter have also announced steps to tackle misinformation spreading on their platforms. [CNBC]
In case you're wondering - how exactly should one protect themself from the new coronavirus, you can read the WHO's official advice for the public here.
Hand-curated Business News from Top Publishers & Platforms, Richly Crafted to Fit into One Wholesome Email. Subscribe Now to receive a nuanced 360 Degree account of key events from the World of Business and Finance every day.