New Delhi: U.S. electric car maker Tesla has registered its Indian branch amid reports the company is set to enter the country’s auto market and among those who have welcomed the electric vehicle maker to the country are the founders of the Zerodha brokerage firm.
On Twitter, the Kamath brothers welcomed Tesla founder Elon Musk to India with a stock market twist attached to it.
CEO Nithin Kamath said that while a Tesla car can only be bought by a few in India, its stock can be bought by many more people on NSE and ESB. He even conducted a Twitter poll to find out whether Indians wanted Tesla on the road or on the stock exchanges and an overwhelming 80% of the vote was for the latter option.
Meanwhile, CIO Nikhil Kamath shared a meme in which a girl asks her sweetheart for $ 5,000 and asks her to buy 50 Tesla shares for $ 900 and plans to hit $ 1,000 with a stop loss of 850 dollars.
The Kamath Brothers’ stock market view is justified when you consider the sky-high 700% increase in the EV maker’s shares on U.S. stock exchanges in 2020.
Tesla has reported profits for five consecutive quarters, defying trends in the auto industry over the past year in terms of falling sales, quarterly losses and disruptions to the global supply chain.
Shares of electric automakers surged 7.9% last week, pushing Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. . Musk is worth $ 194.8 billion, which is $ 9.5 billion more than Bezos.
The rise in the Teslas share price further inflates a light-year assessment of other automakers on many parameters. Tesla produced just over half a million cars last year, a fraction of the output of Ford Motor Co. and General Motors Co.
Its market value of $ 773.5 billion is greater than that of Facebook Inc. Larry Ellisons A 2% stake in Tesla alone would be enough to place the founder of Oracle Corp. among the world’s 175 richest people (including its 10th largest Oracle stock).
The rise in muscles is even more astonishing given his dust and blundering in recent years, usually exacerbated by his spontaneous tweets. In 2018, he agreed to pay the Securities and Exchange Commission a $ 20 million fine and step down as chairman of Tesla after he tweeted an idea to privatize the company at $ 420 a share, with funding. guaranteed “- which he never did.
On several occasions, Musk has lamented being cash poor. “The vast majority of his net worth is tied up in the equity of his companies, including Tesla – which pays no dividends – and closely owned SpaceX and the Boring Company, a tunnel company. Yet he said he did not s ‘interested in the material pitfalls of wealth.
He tweeted last year that he intended to sell almost all “his physical assets and he told German publisher Axel Springer in an interview in December that the main purpose of his wealth is to accelerate the evolution of humanity towards a space civilization.
After reports of his new status came out on Thursday, Musk tweeted How Weird, “then added Well, back to work.”
Still, he got on board with at least one trend among the super-rich. He confirmed last month that he had personally moved from California to Texas, a state that has gained new popularity among the wealthy for collecting zero income taxes.
According to a regulatory filing, the company registered Tesla India Motors and Energy Pvt Ltd with RoC Bangalore.
The company was registered as a private unlisted entity with a paid-up capital of 1 lakh.
Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein have been appointed directors of Tesla India, in accordance with the filing of the Registrar of Companies (RoC).
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