Tesla shares finally snap record 13-day win streak that added $200 billion in valueDownload ImageImage Name: 3WRGQSHS3FJFTECZMVXUCE6GFU.jpg
June 14 (Reuters) – Tesla’s (TSLA.O) record 13-day streak of gains finally came to an end on Wednesday, as the stock closed down just a smidgen after a stretch that saw the U.S. automaker add more than $200 billion to its value.
During the streak, Tesla shares rose by more than 40%, boosting its market value to roughly $814 billion. The gain in market capitalization during the run came to nearly $240 billion – or more than the entire value of Japan’s Toyota (7203.T), the second-most valuable automaker worldwide.
The rally was kicked off by news of the adoption of Tesla’s charging system by legacy U.S. automakers Ford (F.N) and General Motors (GM.N). This effectively puts 60% of the U.S. electric vehicle market on the North America Charging Standard (NACS) used by Tesla, even though there are other competing charging systems used around the world.
The electric carmaker’s stock price is still far beyond Wall Street’s forecasts, sitting 28% higher than the median target of $200 among Wall Street analysts, according to Refinitiv data.
“What has changed for the Street over the last month is the recognition with the Ford and GM supercharger partnerships that Tesla’s sum-of-the-parts valuation is now finally starting to get tapped into,” Wedbush Securities analysts wrote in a note.
With this rally, the company’s stratospheric price-to-earnings ratio far surpasses other automakers. Tesla’s forward price-to-earnings ratio is around 62, just below the 63.7 level sported by Amazon.com (AMZN.O) .
By contrast, Ford and GM have P/Es of 8.2 and 5.6, respectively, according to Eikon data.
Wedbush compared Tesla’s share gains to Amazon, which for years defied many investor expectations that its stock would eventually fall. Tesla shares slumped in 2022, losing 65% of their value, and helping the shorts make a mint.
The 13-day rally cost short sellers more than $7 billion in mark-to-market losses, taking year-to-date losses to nearly $12.7 billion, according to S3 Partners.
Our Standards: The Thomson Reuters Trust Principles.
Is the bull market back? Tesla (TSLA -0.79%) investors seem to think so. After going on a multi-week streak, shares of the electric vehicle (EV) maker are now up a staggering 131% this year, giving it a market capitalization of $782 billion and adding hundreds of billions in value in just a few short months.
Yet, the stock is still down significantly from all-time highs in 2021 when, in what seemed like a fever dream at the time, shares went vertical and hit a market cap of over $1.2 trillion. This made Tesla one of the most valuable companies in the world.
Optimistic Tesla shareholders like Cathie Wood think the 2021 party is about to get kicked into overdrive again. Her price target of $2,000 compared to the current price of $250 implies that a ton of gains are left for Tesla shareholders. Are these optimistic bulls correct, and is Tesla headed for a market cap of $1 trillion again?
Let’s run the numbers and see if this makes sense from a fundamental perspective.
An incredible run start to 2023
Along with Nvidia’s soaring stock, this bull run by Tesla is one of the fastest price returns from a mega-cap company in stock market history. But Tesla shares are still off 39% from their high point during the pandemic bubble of 2021:
It wouldn’t be surprising to see Tesla’s stock regain a trillion-dollar market cap this year. Investors across the board are extremely optimistic right now, and it would only require another 30% pop from the stock to get there. Over the last month, it has gone up in value by 50%.
But should an arbitrary price hurdle mean anything to you if you are an investor focused on the long haul? I don’t think so.
Who cares about $1 trillion?
If you are an investor in Tesla, a trillion-dollar market cap is meaningless to you in a vacuum. All that matters is whether Tesla will generate more in excess cash flow than its current enterprise value at some point in the future, discounted back to today. Cash flow is the only thing that drives shareholder returns in the long run and is what all investors should be focused on. Betting on whether a stock price will jump 30% in a month is just a guessing game and will not work out for you.
In other words, you need to ask yourself: Will Tesla generate enough profits to warrant a trillion-dollar market cap (or higher) sometime in the near future? Consider that in 2022, Tesla generated a net profit of $12.6 billion on $67.2 billion in revenue, giving it a profit margin of 19%. This is well above the typical margins for automakers of 5% to 10% and is a key reason why Tesla’s stock has soared in recent years. If it can keep a margin of around 20% and grow to hundreds of billions in revenue annually due to the boom in electric vehicle demand, one could argue Tesla’s stock deserves a market capitalization of $1 trillion.
The problem is, these margins don’t look sustainable and are headed in the wrong direction. Tesla has slashed prices around the world multiple times this year. All else being equal, these cuts will lead to margin compression on the income statement and less cash-flow generation. Car prices have started to fall across the board, and Tesla is feeling the worst of this pain. For reference, overall used car prices are down 4% year over year in the United States. For Tesla, they have fallen 31.6%, which is why it has had to cut its new car prices by 20% or more.
In the first quarter, Tesla’s net margin fell to 13.3% and could be headed for 10% or lower due to recent price cuts that were not fully reflected in the Q1 results. A 10% margin on $300 billion in revenue in 2030 — which would give Tesla half of the projected global electric vehicle market — equates to $30 billion in annual earnings. That would be a forward price-to-earnings (P/E) ratio of 33, which is well above the long-term market average and would still only be achieved five to 10 years from now.
If you own or are thinking of buying Tesla shares at close to a trillion-dollar market capitalization, you need to be extremely optimistic about the company’s revenue growth and profit margin potential. Otherwise, this looks like a terribly overvalued stock.
Tesla short sellers down $6.08 billion in stock’s 11-session winning streak, S3 Partners saysDownload ImageImage Name: 434GUWXOQRMCPO6EXUNBKA46L4.jpg
June 9 (Reuters) – Traders who have sold Tesla Inc (TSLA.O) shares short have lost about $6.08 billion on a mark-to-market basis during the electric car maker’s current winning streak, according to the latest data from S3 Partners.
Tesla’s current rally, which will span 11 sessions if it closes Friday’s session higher, has the stock up around 35% since May 24.
Investors who sell securities ‘short’ borrow shares and then sell them, expecting the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference.
And Tesla is the largest short in the world, according the S3’s head of predictive analytics Ihor Dusaniwsky, who says $22.43 billion worth of Tesla shares have been sold short.
But even as Tesla’s shares have risen short sellers have been adding to their bets since April “as short sellers were not convinced the long buying price support would continue and a price retracement would be inevitable,” Dusaniwsky said.
Traders have shorted 15.3 million new Tesla shares, worth $3.6 billion, in 2023. And in the past thirty days bearish bets expanded further, with 1.3 million more shares worth $303 million, sold short, representing a roughly 1.4% increase even as Tesla’s stock price rose 39%, Dusaniwsky said.
Tesla shares on Friday traded up 4.4% at $245.08 after earlier hitting its highest level since early October.
Our Standards: The Thomson Reuters Trust Principles.
Tesla share price jumps by nearly $300 billion in 11 days
Tesla has seemingly done the impossible, surging by hundreds of billions of dollars despite a looming recession casting a pall over the US stock market.
Tesla’s market valuation price has surged by $US194 billion ($288 billion) in less than two weeks despite a looming recession casting a cloud over the US stock market.
At time of writing, on Tuesday morning AEST, Tesla’s share price was up 2.22 per cent from the previous day, trading at US$249 ($368) per share.
The electric vehicle manufacturer has gone up by nearly $300 billion in just 11 days, in its longest ever “winning streak”, off the back of some news that buoyed investors’ expectations.
General Motors Co announced last week users of its electric vehicles would be able to access Tesla’s Supercharger network from 2024, and that it would adapt cars to make these charging stations easily accessible.
This followed Ford making a similar move at the end of May, prompting the stock market pile-in.
The announcements brings Tesla’s charging ports a step closer to becoming an industry standard across the country.
RBC Capital Markets analyst Tom Narayan explained in a note: “More people buying EVs (whether they be GM or Ford for that matter) increases the likelihood that they buy Teslas.
“A rising tide lifts all boats and if consumers see their neighbour having an EV, they are more likely to buy one themselves – and this increases the chances they buy a Tesla.”
Tesla stock started the year at US$108.1 a share.
That was a significant fall from grace from Tesla’s high of US$407 ($602) per share, which it reached in November 2021.
But as of today, Tesla is sitting at US$249 a share in more than a 100 per cent increase from the beginning of 2023.
In 2022, amid a market meltdown and also bad press around Tesla founder Elon Musk taking over Twitter, the car company’s stock price fell by as much as 65 per cent.
In total, about US$700 billion ($1 trillion) was wiped off Tesla’s market cap.
The situation appeared so dire that at the end of last year Tesla was offering US customers a rare $US7500 ($11,000) discount to pre-order two of its two models.
At Tesla’s peak, the EV company had a market capitalisation that surpassed $US1 trillion ($1.47 trillion).
At time of writing, it was sitting at US$782 billion ($1.15 trillion) in its total market cap.
Musk’s personal fortune has enjoyed an uplift amid the price increase in Tesla.
His net worth has risen by US$84 billion ($124 billion) since January 1, to come in at US$221 billion ($327 billion), according to the Bloomberg Billionaire’s Index.
In fact, his personal wealth is going so strong that at the beginning of this month, he reclaimed his title of being the world’s richest person.
In December, Musk slipped to the second position on the global rich list.
Bernard Arnault, the chief executive of the luxury group LVMH, which oversees brands like Louis Vuitton, Dior, Sephora and Tiffany & Co., briefly pushed Musk out of the top spot on December 8.
Then on December 14, Arnault managed to retain the top slot, relegating Musk to position two among the world’s billionaires.
However, on June 1, Musk reclaimed the number one position on the rich list.
The Tesla founder officially shed around $US200 billion ($294 billion) of his personal fortune in 2022.
Technology bulls on Friday sprang out of their foxholes in full attack mode as Tesla (TSLA) shares surged following a surprise partnership with General Motors (GM). Although gains moderated, the Nasdaq 100 still closed 0.3% higher at 14,528, states Jon Markman, editor of Strategic Advantage.
Bulls have been on a roll since the middle of May when investors became captivated by artificial intelligence. Sell-side analysts since then have been busy picking future AI winners and building expansive new valuation metrics. There is no reason to cast aspersions. Hype is a feature of tech stock pricing, not a bug. That’s why the early surge Friday for the NDX is especially interesting.
Tesla and GM signed a deal Thursday evening to share the Tesla electric vehicle charging network. Neither GM nor Tesla are technology companies, according to the S&P Dow Jones, the keeper of the indexes. Each automobile manufacturer is an integral part of the S&P consumer discretionary sector, reflecting two-thirds of the US gross domestic product. Debating the tech bona fides of Tesla seems silly, however, it is easy to see how strategists might make a cogent case for its shares to continue to move higher even as other significant capitalization tech shares move lower to digest recent gains.
The Nasdaq 100 has important overhead resistance at 14,775, a level representing the April 2022 gap. Gaps often become pivot levels, drawing bulls and bears into intense skirmishes. The risk of a downside reversal for the NDX remains high.
The NDX Loop: Members earned an overall profit of 16.5% by buying ProShares Ultra QQQ (QLD), a 2x leveraged Nasdaq 100 fund, on May second and then selling in halves higher for gains of 10.6% and 22.4%. That’s great for a hold of just three weeks.
Let’s try to do that again. I’m hunting a new low-risk entry. I will send instructions when ready.
Behind the Headlines: The Nasdaq Composite rose 0.2% to 13,259.1 and the Dow added 0.1% to 33,876.8 Technology and consumer discretionary led the gainers among sectors, while materials, energy, and utilities finished at the bottom of the pile. Breadth favored the decliners five-three. There were 87 new lows vs 287 new highs.
Markets are currently pricing in a 71% chance that the Federal Open Market Committee will keep its key lending rate unchanged at 5% to 5.25% on Wednesday, according to the CME FedWatch Tool. The remaining odds are for another 25-basis-point increase.
Goldman Sachs (GS) expects the Fed to pause next week “to let the haze clear before it considers another rate hike,” the firm said in a note. Meanwhile, the ban lowered its 12-month recession probability to 25%.
Tesla’s 13-day winning streak ended as shares closed 0.74% lower at $256.79/share. During the streak, Tesla’s market capitalisation increased by nearly $240 billion, reaching $814 billion. The streak began with news of adoption of Tesla’s charging system by Ford and General Motors.
Tesla shares ended their longest-ever 13-day winning streak on Wednesday after they closed 0.74% lower at $256.79/share. During the streak, Tesla shares rose over 40%, taking the EV maker’s market capitalisation to $814 billion by adding nearly $240 billion. The streak was kicked off by news of adoption of Tesla’s charging system by legacy US automakers Ford and General Motors.short
Tesla valuation adds $240B over 13-day winning streak
Shares for EV maker have more than doubled in 2023
Buttigieg says ‘there is a real concern’ with Tesla’s Autopilot feature
Secretary of Transportation Pete Buttigieg said Tuesday there are concerns about how drivers interact with Tesla’s Autopilot feature, which he said does not act as a replacement for paying attention behind the wheel.
Tesla’s market value has grown by $240 billion while closing with a gain the last 13 sessions on Wall Street.
Shares for the EV maker have now more than doubled in 2023, moving roughly 108% higher since Jan 1.
Ticker Security Last Change Change % TSLA TESLA INC. 256.15 -0.64 -0.25%
In an interview with FOX Business, David Russell, vice president of market intelligence at TradeStation Group, said, “There’s been a perfect storm of positive catalysts for Tesla recently.”
“First, the Nasdaq and growth stocks came to life. Then, Elon Musk quit Twitter. Then he gave positive updates on models like the Cybertruck and Roadster,” he continued. “After that, Tesla announced charging deals with Ford and GM.”
CHINA ROLLING OUT RED CARPET FOR US CEOS
“Tesla’s recent run is a combination of company-specific news and better overall market conditions. Now, the stock has retraced nearly half its drop from November 2021 through December 2022,” Russell added.Download ImageImage Name: Tesla-Model-3-A.jpg?ve=1&tl=1
Tesla Model 3 vehicles are shown for sale at a Tesla facility in Long Beach, California, on May 22, 2023. (Reuters/Mike Blake / Reuters Photos)
Last week, Tesla made changes to its battery supply chain to bring some of its vehicles within the guidelines that would qualify them for federal U.S. credits. The manufacturer’s Model 3 vehicles now qualify for $7,500 in electric vehicle consumer tax credits, which could lower its price to less than that of a Toyota Camry listed at $26,320 and higher.
TESLA MODEL 3 VEHICLES NOW QUALIFY FOR $7,500 TAX CREDIT
Meanwhile, new battery rules went into effect in April that lowered the credit of the Model 3 Standard Range Rear-Wheel Drive and Long-Range All-Wheel Drive to $3,750.
The government confirmed the change on its fueleconomy.gov website.
RECALL OF 137 TESLA MODEL YS OVER ISSUE WITH STEERING WHEEL FASTENER
With the federal tax credits, a Model 3 starting at $40,240 may fall to $25,240 when the $7,500 federal tax credit and another $7,500 from the California tax rebate kick in, depending on income and other requirements.
Ken Martin at FOX Business contributed to this report.
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Tesla Inc. investors don’t appear to be satisfied with just breaking the win-streak record, they seem bent on putting the record out of reach.
Shares of Tesla
On Monday, the stock broke the previous record win streak of 11 trading sessions, set in January 2021, as it has soared more than 38% over the past 12 sessions. Tesla stock was also the most active in the S&P 500 index and most active in the Nasdaq-100 Tuesday.
The gains come even as investor Cathie Wood’s ARK Investment exchange-traded funds sold a combined 393,000 Tesla shares, but Tesla remained those ETFs’ top holding.
Tesla is also fresh from seeing its fast-charging standard being broadly adopted.
Last week, Tesla and General Motors Co.
See also: Here’s why Tesla’s latest EV-charging deal is more problematic for EVgo than ChargePoint
GM also said that its future EVs would conform to Tesla’s North America Charging Standard, or NACS, by 2025, and before that carry an adapter. That follows a similar move by Ford Motor Co. last month. At that time, Ford shares
Meanwhile, shares of other EV makers were also rising on Tuesday, with Rivian Automotive Inc. stock
China-based Nio Inc.’s stock
Tesla shares have continued their record-breaking run, extending their winning streak to 13 sessions. The stock is up 41% during the upward trend, with last week’s announcement that General Motors is joining forces with Tesla to use its Supercharger Network giving share prices a further boost. The Tesla Supercharger Network will be open to GM EV drivers from next year, while by 2025 GM aims for its EVs to include direct access to Tesla Superchargers. However, leaked internal documents indicate that pre-production Cybertrucks are experiencing basic engineering flaws such as suspension issues, marking a potential setback for the company’s highly anticipated model.
Tesla stock extends record streak to 13 sessions
Tesla shares are up a whopping 41% during that time
Tesla (TSLA) shares jumped 3.6% today, extending the company’s record winning streak to 13 sessions in a row. In that time, shares have risen nearly 42%, adding further gains to an already big year for Tesla shareholders.
Tesla stock is rising in tandem with the overall market today on cooling inflation data, but the shares have been on the rise for a couple weeks now. The latest big news came late last week when General Motors (GM) announced it was joining forces with Tesla to leverage the electric vehicle maker’s Supercharger Network. The companies announced the Tesla Supercharger Network will be open to GM EV drivers starting next year, and by 2025 GM anticipates its EVs will include Tesla’s NACs connector, which will allow for direct access to Tesla Superchargers.
GM’s move comes two weeks after Ford (F) announced a similar partnership with Tesla to enable access for Ford vehicles to Tesla’s charging network.
Several industry analysts recently told Yahoo Finance that Tesla’s partnership with Ford would be a positive tailwind for Tesla’s revenue moving forward.
“Recall in our 2022 report that we sized the potential for Tesla opening its network more widely in the next few years (i.e. more than just Ford) at $1-$3 bn of incremental revenue (although Tesla wouldn’t necessarily capture all of this),” Goldman analyst Mark Delaney wrote in a note following the Ford deal. “We believe the news is a modest incremental positive for Tesla as it will likely bring in additional profits and help Tesla to sustain the most robust charging network, albeit with some risk of fewer vehicle sales.”
Nonetheless it hasn’t all been good news for Tesla during the recent run-up, as the stock brushed aside negative reports about the upcoming and highly anticipated Cybertruck. Per leaked internal documents that German newspaper Handelsblatt reported on, as picked up by Wired, Tesla engineers have had some big concerns about the Cybertruck’s capabilities.
Preproduction “alpha” versions of the Cybertruck were struggling with basic issues like suspension, body sealing, noise levels, handling, and braking, Wired reports. An automotive engineer Wired spoke with said a company like Tesla has the financial resources to address the issues, but the engineer was still “astounded” that Tesla was struggling with some basic engineering issues with the Cybertruck.
Tesla CEO Elon Musk has nonetheless promised the company will hold a Cybertruck delivery event later in Q3, with limited production volumes beginning later this year.
With additional reporting by Yahoo Finance’s Josh Schafer.
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
Read the latest financial and business news from Yahoo Finance
Shares of Tesla Inc. on Monday did something they have never done since going public 13 years ago, notching a 12th straight gain.
That broke the previous record win streak off 11 gains, which ended Jan. 8, 2021 and was matched on Friday. The electric vehicle giant’s stock had run up 33.6% over the previous 11 days, compared with a 37.4% gain during the January 2021 streak.
Daily gains during the streak have ranged from as little as 0.9% on the day the streak started on May 25, to as much as 4.7% on May 26. The median daily gain has been about 1.8%.
The stock’s rise Monday came as part of strength seen in the shares of other EV makers, as well as the broader stock market.
Shares of Rivian Automotive Inc.
Among Tesla’s China-based rivals, Nio Inc.’s stock
Nio reported on Friday a narrower-than-expected first-quarter loss but revenue that came up well short of expectations, while providing a downbeat outlook for second-quarter revenue and deliveries.
Mizuho analyst Vijay Rakesh said his research indicated that Tesla’s sales in China have been “strong,” when compared with its China-based peers.
“We believe [Tesla] registrations in China are improving,” Rakesh wrote in a recent note to clients, with April deliveries up “significantly” from a year ago to about 40,000 units.
He believes deliveries are “trending better into May/June,” with the four-week rolling average of registrations rising to about 12,000 for the week ended June 4 from below 10,000 for the week ended May 14. Nio registrations have declined during that same period, Rakesh showed.
Tesla generated $4.89 billion in revenue from China during the first quarter, or 21% of total revenue of $23.33 billion.
Investor optimism over another fast-charging deal with another major U.S. automaker on Friday was also helping fuel Tesla’s stock rally, as it strengthens Tesla’s North American Charging Standard (NACS) over others.
Chief Executive Officer Mark Hanchett of Nxu Inc.
Tesla’s stock has rocketed 102.9% year-to-date through Friday, while the Global X Autonomous and Electric Vehicles exchange-traded fund
Tesla’s market value has soared by almost $300bn in just a month after deals with GM and Ford allowed them access to the EV company’s supercharger network. Tesla’s market capitalization, as of Wednesday, stood at $813.9bn, following a record 13-day winning streak. As well as ongoing investor optimism, the EV maker’s stock gains were in line with advances in tech shares, with the Nasdaq 100 index increasing 12% since mid-May. Tesla’s charging-tech deals with its competitors have opened up a significant monetization opportunity for the California firm, said analyst Dan Ives of Wedbush Securities.
- The market value of EV leader Tesla has surged by nearly $300 billion in just the past month.
- The colossal gains follow fresh deals with GM and Ford that allow them access to Tesla’s supercharger network.
- Elon Musk’s carmaker had a market capitalization of $813.9 billion as of Wednesday.
Tesla’s stock is on a tear again, with Elon Musk’s electric-vehicle maker adding an eye-popping $287 billion in market value in just the past month.
The spectacular surge in market capitalization tracks a record 13-day winning streak for the stock to highs unseen in eight months. The shares surged 26% in June alone, rebounding a stunning 68% from late-April lows, to Wednesday’s closing level of $256.79.
That’s boosted the EV maker’s market cap to $813.9 billion, from $527.2 billion as of mid-May, according to Refinitiv data.
The impressive stock rally partly reflects increasing investor optimism about Tesla’s ability to monetize its EV charging technologies and infrastructure, adding to income from car sales. Musk’s company recently finalized deals with General Motors and Ford to allow them access to its supercharger network.
The move is aimed at ensuring Tesla’s competitors will be on “equal footing,” the billionaire entrepreneur said in a Twitter discussion.
“Tesla aspires to be as helpful as possible to other car companies. We made all our patents freely available several years ago,” Musk said in a tweet. “Now, we are enabling other companies to use our Supercharger network. Also happy to license Autopilot/FSD or other Tesla technology,” he added.
Wedbush predicts more Tesla stock gains
Wedbush Securities expects the charging-tech deals will help the Tesla stock surge 17% from current levels to $300 a share. “For Tesla, we believe this is a large monetization opportunity for the company in its supercharger story, adding to its growing sum-of-the-parts valuation,” analyst Dan Ives wrote in a recent note.
He added that Tesla’s price cutting mechanism in the US and China will also help spur demand for Tesla vehicles, further boosting the company’s upward trajectory.
The EV maker’s stock gains are also in line with accelerated advances in tech shares in recent weeks, as investors stepped up bets that the Federal Reserve would pause its interest-rate increases this month. The tech-heavy Nasdaq 100 index has climbed 12% since mid-May.
The central bank kept borrowing costs on hold at its meeting this week, snapping a series of 10 consecutive increases aimed at taming inflation that hit 40-year highs in 2022.
Musk recently poked fun at the legendary investor Bill Miller for shorting Tesla stock when it was less than half its current value.
In a tweet last weekend, he replied with a laughing emoji in response to a CNBC interview in early January in which Miller said that he was betting against the carmaker because of increased industry competition.
Read more: Elon Musk pokes fun at elite investor Bill Miller for shorting Tesla stock when it was less than half its current level
Is this real life Succession? Billionaire George Soros cedes control of his empireDownload ImageImage Name: Is-this-real-life-Succession-Billionaire-George-Soros-cedes-control-of-his-empire.jpg?lossy=1&strip=1&webp=1
Billionaire financier George Soros is handing control of his massive empire to his son Alexander
A company spokesperson has confirmed George Soros has turned over his foundation and the rest of his $25 billion empire to his son.
Alexander Soros, 37, will take control of the billionaire’s empire.
His father said “he’s earned it.”
It follows previous reports Soros, 92, not wanting his Open Society Foundations to be taken over by one of his five children.
Big tech is cashing in on the banking sectorDownload ImageImage Name: Big-tech-is-cashing-in-on-the-banking-sector-scaled.jpg?lossy=1&strip=1&webp=1
Australians have been granted access to a digital platform, which will facilitate the reporting of fraudulent payments en route or transferred to another bank.
The Fraud Reporting Exchange offers more targeted communication to help banks stop and recover as much money as possible when customers have paid scammers.
Seventeen banks have joined the platform, which is operated by the Australian Financial Crimes Exchange.
The Commonwealth Bank recently found 64 per cent of Australians believe they receive more scam attempts today than 12 months ago.
The same survey found Australians reported receiving, on average, five scam calls, emails or messages a week, equating to over 250 attempts a year.
Ms Bligh is the CEO at the Australian Banking Association, who said it is imperative that consumers report a fraudulent or scam payment to their bank as soon as possible.
“The sooner that banks know about a fraud, the sooner they can take swift action to try to halt the payment before it gets to the scammers.”
It comes as global tech platforms seek to unlock a new era of smart payments, where users can bank using apps or cards connected to their phones.
“Whether it’s your Apple phone or smartwatch, the number of transactions has increased by 8,000 per cent in the last three-and-a-half years,” Ms Bligh said.
“Banks actually have contracts with Apple that facilitate that. But certainly banks would say very loudly and clearly, and I think customers should too, if Apple had a deposit product in Australia that should be subject to all of the protections that a customer would get if they deposited with a bank,” she said.
Will AI take our jobs or create new ones?Download ImageImage Name: Will-AI-take-our-jobs-or-create-new-ones-.jpg?lossy=1&strip=1&webp=1
From the days of horse and carriages to self driving cars, technology has changed the way we approach work like never before.
The digital revolution is moving at a speed never seen before and the changes it has brought are staggering.
While many are excited at the possibilities on the horizon, some are fearful they will loose their jobs to AI.
As this technology is rapidly advancing, we need to make sure to be cautious in how we use it.
Musk is playing chess while others play checkersDownload ImageImage Name: Musk-and-playing-chess-while-others-are-playing-checkers.jpg?lossy=1&strip=1&webp=1
Tesla is hitting record highs as the stock rises and the company hits its highest closing price since October
A new record for Tesla’s longest winning streak was set as the stock rose for the 12th straight session.
Tesla can thank its rivals Ford and GM for the good news.
Ford announced in May that its electric vehicle customers would be able to charge at Tesla’s charging stations from 2024 onwards.
Last week, GM announced a similar agreement.
Blink Charging, ChargePoint, and Tritium announced they will offer Tesla-compatible chargers too.
As Tesla seeks to become the standard for electric vehicles, this news bolsters optimism over its charging infrastructure.
This pushes Tesla’s charging stations to the top spot.
Wedbush raised its price target for Tesla stock to $300 from $215, estimating an additional $3 billion in revenue to come from the GM and Ford deals.
Estimates show Tesla’s charging-network revenue could reach $9.65 billion by 2032, with more than half coming from other electric vehicle manufacturers.Download ImageImage Name: Big-tech-is-cashing-in-on-the-banking-sector-80x80.jpg?lossy=1&strip=1&webp=1
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