[Market Focus] Samsung Electronics Rises on $23 Trillion Tesla Deal as Elon Musk Discusses Partnership Details with Chairman Lee

Samsung Electronics is showing strong performance. This is believed to be influenced by the news that Elon Musk, CEO of Tesla, personally discussed a partnership with Lee Jae-yong, Chairman of Samsung Electronics, following the signing of a semiconductor foundry supply contract worth approximately 23 trillion won with global electric vehicle company Tesla.

As of 2:45 p.m. on July 30, Samsung Electronics is trading at 73,600 won, up 4.25% from the previous day.

The previous day, Musk responded on social media platform X (formerly Twitter) to a user's claim that Samsung Electronics was unaware of Tesla's future semiconductor production plans, providing clarification.

This X user shared Musk's post from July 27, which stated, "Samsung has agreed to help Tesla maximize manufacturing efficiency," and argued, "Samsung has no idea what they signed up for."

In response, Musk replied, "They do," and added, "I had a video call with Samsung's chairman and senior management to discuss what the actual partnership would be." Musk also stated, "We will leverage the strengths of both companies to achieve excellent results."

Earlier, on July 28, Samsung Electronics announced that it had signed a semiconductor foundry supply contract worth a total of 22,764.8 billion won with a major global company. This supply contract amounts to 7.6% of Samsung Electronics' total sales of 300,870.9 billion won last year, and is the largest contract for a single customer in the semiconductor division of Samsung Electronics.