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1/8, 1:57 PM (Source: TeleTrader)
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Tesla shares rise over 4% as it presents cheaper Model Y

Shares of Tesla Inc. jumped over 4% in premarket trading on Friday after the company presented its cheaper Model Y Standard Range option. Even though Tesla founder Elon Musk said this type will never be offered, the company said on Thursday that the new model will have a starting price of $41,990 compared to $49,990 for the Long Range model. Also, a seven-seat Model Y option is now available as well.

Meanwhile, Musk became the richest person in the world on Thursday, surpassing Amazon founder Jeff Bezos with a net worth of more than $185 billion.

Tesla stocks jumped by 4.52% to $852.93 at 7:54 am ET.

Breaking the News / TF