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Twitter, Inc. (TWTR)

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64.07-2.88 (-4.30%)
As of 3:20PM EST. Market open.
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Trade prices are not sourced from all markets
Previous close66.95
Bid64.25 x 1100
Ask64.28 x 800
Day's range63.82 - 68.64
52-week range20.00 - 80.75
Avg. volume20,745,521
Market cap51.138B
Beta (5Y monthly)0.81
PE ratio (TTM)N/A
EPS (TTM)-1.44
Earnings date29 Apr 2021
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target est68.34
  • Tesla Is Plugging a Secret Mega-Battery Into the Texas Grid

    Tesla Is Plugging a Secret Mega-Battery Into the Texas Grid

    (Bloomberg) -- Elon Musk is getting into the Texas power market, with previously unrevealed construction of a gigantic battery connected to an ailing electric grid that nearly collapsed last month. The move marks Tesla Inc.’s first major foray into the epicenter of the U.S. energy economy.A Tesla subsidiary registered as Gambit Energy Storage LLC is quietly building a more than 100 megawatt energy storage project in Angleton, Texas, a town roughly 40 miles south of Houston. A battery that size could power about 20,000 homes on a hot summer day. Workers at the site kept equipment under cover and discouraged onlookers, but a Tesla logo could be seen on a worker’s hard hat and public documents helped confirm the company’s role.Property records on file with Brazoria County show Gambit shares the same address as a Tesla facility near the company’s auto plant in Fremont, California. A filing with the U.S. Securities and Exchange Commission lists Gambit as a Tesla subsidiary. Executives from Tesla did not respond to multiple requests for comment.Shares of Tesla rose 1.1% Monday to $604.41 as of 10:11 a.m. in New York. The stock is down about 14% this year, following four days of declines at the end of last week.As winter storms pummeled Texas in February and left millions without power for days, Musk took to Twitter to mock the Electric Reliability Council of Texas, or Ercot, the nonprofit group that manages the flow of electric power to more than 26 million customers. “Not earning that R,” he wrote. Musk, 49, recently moved to Texas and his various companies are expanding operations in the state.The battery-storage system being built by Tesla’s Gambit subsidiary is registered with Ercot. Warren Lasher, senior director of system planning at Ercot, said the project has a proposed commercial operation date of June 1. The site is adjacent to a Texas-New Mexico Power substation.While Tesla is known for its sleek, battery-powered electric vehicles, it’s always been more than a car company: its official mission is to “accelerate the world’s transition to sustainable energy.” Utility-scale batteries are needed to store the electricity produced by wind and solar, but they can also become lucrative opportunities. By storing excess electricity when prices and demand are low, battery owners can sell it back to the grid when prices are high. Read More: How America’s Rich Can Escape From an Unreliable Power GridTesla has spent years expanding into residential energy technology. Back in March 2015, Musk unveiled a home battery product, dubbed the Powerwall, with a splashy event at its design studio near Los Angeles. Scores of utility and energy executives attended. A year later Tesla acquired SolarCity, the solar-panel installer founded by Musk and his cousins. Musk then hawked a “solar roof” that has gone through several iterations without becoming a strong contender in the market.But the company’s product lineup already reaches beyond the home and into the electrical grid. The Tesla Powerpack and even larger Megapack were designed with utility customers in mind. Tesla’s battery project in South Australia, launched in 2017, is adjacent to a wind farm and can store surplus electricity generated on gusty nights for daytime demand. At 100 megawatts, it was the largest battery project in the world at its launch.While Tesla’s focus on energy often takes a back seat to the increasingly competitive business of manufacturing and selling electric cars, Musk and his executive team continue to highlight energy as a key part of their growth. “I think long-term Tesla Energy will be roughly the same size as Tesla Automotive,” Musk said during an earnings call in July 2020. “The energy business is collectively bigger than the automotive business.”Tesla’s battery packs are connected to Southern California Edison’s Mira Loma substation, located east of Los Angeles. The 20 megawatt system, which has been online since December 2016, supports grid operation during peak hours and helps the utility make the most of its renewable resources. In the San Francisco Bay Area, PG&E Corp. and Tesla are constructing a 182.5 megawatt system at an electric substation in Moss Landing that should be operational by August.Tesla Energy could represent up to 30% of the company’s total revenue by the 2030s, up from roughly 6% today, according to analyst Alexander Potter of Piper Sandler. His research has highlighted the potential for Autobidder, a software platform Tesla designed for utilities. Tesla Chief Financial Officer Zachary Kirkhorn has described Autobidder as an “autonomous energy market participation system that does high-frequency trading.” Potter has a $1,200 price target on Tesla stock, the highest on Wall Street.“Tesla’s energy storage business on a percentage basis is growing faster than their car business, and it’s only going to accelerate,” said Daniel Finn-Foley, head of energy storage at Wood MacKenzie Power and Renewables. “They are absolutely respected as a player, and they are competing aggressively on price.”Musk’s empire has numerous branches in Texas, and with the billionaire’s recent relocation from California, the Lone Star state now appears set to become the center of his universe. Space Exploration Technologies Corp., or SpaceX, is building and testing Starship, a new rocket and spacecraft designed to take humans to Mars, at a facility in Boca Chica on the southern tip of the Gulf Coast. Another rocket-testing facility is located in McGregor, near Waco. Musk posted a family photo to Twitter on Monday, with the caption “Starbase, Texas.”SpaceX has posted engineering positions in Austin for a “new, state of the art manufacturing facility” for Starlink, a space-based high speed Internet service. Tesla is also building a new factory in East Austin for its forthcoming Cybertruck, an electric pickup. Gigafactory Texas, as the facility is known, will create 5,000 mid-level manufacturing jobs and is supposed to produce the first vehicles by the end of this year.Musk’s focus on Texas comes as the dominant U.S. energy hub—with its abundant natural gas, oil, solar and wind resources—is being transformed by the surging growth of renewables. For more than a century the Texas grid has transported power from large plants to customers over miles of transmission lines. The recent storms have highlighted just how fragile that legacy system is in the era of climate change. With the build out of giant batteries like those made by Tesla’s Gambit project and others, the state’s power grid could be remade around distributed generation that may prove more resilient.About 2,100 megawatts of battery storage and 37,000 megawatts of solar and wind are in advanced stages of connecting to Ercot’s grid. “It’s not only stunning but the financing is already in place,” Jigar Shah said on March 2, a day before the clean-energy pioneer was named as director of the U.S. Energy Department’s loan finance office.The Gambit project was originally developed by San Francisco-based Plus Power, a privately held renewables company that has battery operations in several states. Scott Albert, the former city manager of Angleton, said it was obvious that Plus Power was working with Tesla. A project summary available on the city’s website features images of Tesla’s utility-scale battery products, and some of Plus Power’s principal staffers previously worked at Tesla. (Plus Power confirmed its sale of the project to an undisclosed party and declined further comment.)The Gambit project is not hard to find in Angleton, a small town of roughly 3,000 people in the middle of the Brazoria National Wildlife Refuge. But people on the construction site appear to have instructions to avoid drawing attention or answering questions from passersby. A photographer who attempted to observe from the front gate was told by a worker that it was a “secretive project.” White sheets obscured what appeared to be Tesla’s modular Megapacks.In Texas, Albert said, it’s common for developers in real estate or energy to begin projects with several potential partners or purchasers waiting in the wings. It made sense to him that the project ended up with the state’s biggest billionaire. “Elon Musk has a lot of activity in Texas right now,” said Albert. “It wouldn’t surprise me if Musk is thinking about starting his own power company.”READ NEXT: After Texas Crisis, Biden’s Climate Plan Hangs on Fragile Power Grid (Updates Tesla’s share price in the fourth paragraph and adds Elon Musk’s family photo in the 14th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Singapore Warms to Electric Cars Two Years After Tesla’s Rebuke

    Singapore Warms to Electric Cars Two Years After Tesla’s Rebuke

    (Bloomberg) -- After years of not doing much to foster the uptake of electric cars, Singapore has started to embrace them.Transport Minister Ong Ye Kung, speaking in parliament last week, said there is a net carbon positive impact in switching from gas guzzlers to electric vehicles, “even if the electricity is generated by fossil fuels.” And last month, Singapore pledged S$30 million ($22 million) over five years for EV-related initiatives.“With our urban environment, Singapore is quite ideal as a test-bed for the rapid adoption of EVs,” Ong said.That’s an about face from a few years ago when Elon Musk, the chief executive officer of Tesla Inc., rebuked the city-state several times over Twitter. In early 2019, he described the island as “unwelcome.” The government is “not supportive” of electric vehicles, he said in 2018.According to Zafar Momin, adjunct associate professor at Nanyang Technological University’s Nanyang Business School, when the first Tesla was imported in 2016, local regulators were in a quandary about how to assess it. After some debate, the owner was taxed S$15,000 for the carbon emissions generated during battery charging.“Penalizing an EV, instead of providing incentives like the rest of the world, was contrary to Singapore’s aspiration to be a smart and green nation,” Zafar said. “This incident may have led Musk to form the view that he tweeted.”While the amount Singapore is spending on EVs pales in comparison to the billions of dollars China is outlaying, it is a much smaller market and the nation’s size also means public transport is an effective way of getting around.Indeed, Singapore aims to have all buses run on electricity by 2040 as part of its goal to reach net zero emissions as soon as is viable in the second half of the century. It plans to phase out fossil fuel-powered vehicles by 2040 and won’t allow diesel-powered cars or taxis to be registered from 2025.As part of the push, Deputy Prime Minister Heng Swee Keat said in the 2021 budget that 60,000 charging points at public carparks and private premises will be installed by 2030, an increase from a previous target of 28,000.Road taxes levied on mass-market EVs have been lowered by as much as 40% so they’re comparable to internal combustion engine cars and the government will remove the $5,000 minimum additional registration fee for EVs from January 2022, helping buyers maximize early-adoption rebates, which are capped at S$20,000 per vehicle.After the deduction in the minimum additional registration fee, over 80% of respondents in a survey conducted by car app Motorist expressed interest in adopting electric cars.Such moves could help boost EVs to about 4% of total passenger car sales in Singapore by 2023, or around 3,300 units, according to BloombergNEF. By comparison, registrations of electric vehicles, which includes passenger cars, buses and taxis, in the city-state was 1,396 last year, up from 1,334 in 2019, Land Transport Authority data show.“The government’s efforts to ensure availability of chargers at public parking lots and at public-housing car parks will help improve consumer acceptance of EVs,” BNEF analyst Allen Tom Abraham said.“A shortage of public EV chargers can be a big hurdle to rapid adoption,” he added, noting that’s particularly the case in Singapore where most of the population live in dense, high-rise apartments that don’t have dedicated parking spaces let alone room for individual car-charging stations.Musk hasn’t taken to Twitter lately about Singapore but Tesla has launched a dedicated sales portal that went live in February. Consumers can use the website to order a Model 3, Tesla’s most popular and affordable sedan, starting from around S$113,000, and expect delivery in mid-2021. The cars will likely be made and shipped from Tesla’s factory in Shanghai. Representatives for Tesla in China didn’t immediately respond to a request for comment.The news was met with excitement on social media, with the buzz primarily centered around cost. Singapore is one of the world’s most expensive places to buy a car with excise and registration duties sometimes more than double a vehicle’s market value. People must also bid for a limited number of car-ownership permits that are auctioned by the government and that allow drivers to own an automobile for a maximum of 10 years.Once that so-called certificate of entitlement expires, owners have to either bid for a new 10-year permit, export the car, or scrap it. The S$113,000 price tag for the Model 3 excludes that certificate, which can cost another S$47,000, depending on engine capacity.“Cars in Singapore have never been, and I doubt will ever be, described as cheap relative to similar makes and models anywhere in the world,” said Tesla owner Adrian Peh, who imported his EV from Hong Kong in 2016. “I understand that building a sustainable future isn’t cheap, but if everyone shies away, then what kind of future do we leave behind for our children and grandchildren?”Tesla’s official entry into Singapore was also welcomed by local fan club, the Tesla Owners Singapore group, which has more than 65 members.“It’s encouraging to see that the government has placed a lot more emphasis on sustainability-related policies this year, specifically EV incentives and infrastructure commitment,” the group’s representative Chia Yan said. “We believe the government can still provide more support in the next few years.”Outside of government support, would-be EV owners are also being offered financial help. The country’s biggest bank, DBS Group Holdings Ltd., introduced Singapore’s first green car loan on March 1, providing a rate of 1.68% per annum for anyone buying a new or used electric or hybrid vehicle. That compares to a rate of around 3.88% for regular personal loans. DBS is also Tesla’s preferred financing partner.And soon, buying a made-in-Singapore EV may be possible, with Hyundai Motor Group planning to complete an innovation center that will include EV production by the end of 2022.“As the path toward EV adoption appears more committed and clear, more manufacturers like Tesla will want to invest resources to serve future EV customers in Singapore,” Nanyang Business School’s Zafar said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Bids for Twitter co-founder Jack Dorsey's first ever Tweet reach $2.5m
    Yahoo Finance UK

    Bids for Twitter co-founder Jack Dorsey's first ever Tweet reach $2.5m

    The tweet will be sold as a non-fungible token (NFT), this is a digital certificate that attests who owns a photo, video or other form of online media.