Here’s What’s Driving Tesla Stock. It’s Not Elon Musk’s Twins.

Text size

Shares of electric vehicle maker

Tesla

rose 1% in premarket trading Thursday. Here’s what’s happening.

Chief executive Elon Musk was reported to have had twins with one of his top executives in November. He and Shivon Zilis filed to have their childrens’ names altered at a court in Texas, Business Insider reported.

The documents, which showed they asked for the twins to be given Musk’s surname and Zilis’s surname as part of their middle names, are the first public evidence of the their birth. Musk has nine known children.

Telsa and Neuralink, the company that Musk co-founded where Zilis works, didn’t immediately respond to request for comment.

Separately, Goldman Sachs analyst Mark Delaney said that opening up Tesla’s (ticker: TSLA) charging stations to non-Tesla EVs could unlock up to $3 billion in annual sales for the company, or 75 cents in per-share earnings, equivalent to about 5% of 2023 estimated earnings.

There are about 136,000 electric charging points in the U.S., of which only about 25,000 are fast ports. Tesla has more than 50% of those. While opening them up to other cars might help other car makers’ sales, an open network would also bolster adoption of EVs and lead to higher sales for Tesla as well.

Tesla shares have dropped more than 30% this year, hurt by a broad market selloff as the Federal Reserve started raising interest rates. They have also been affected by Musk’s offer to buy social media site

Twitter

for $44 billion and production problems in China.

The stock rose 3.7% on Thursday to $720.66-a-share.

Write to [email protected]