Tesla Inc TSLA CEO Elon Musk on Friday reiterated his prediction that his EV firm’s lengthy-time period worth might exceed each tech large Apple Inc AAPL and Saudi Aramco put collectively.
What Occurred: “I stand by my prediction that, if Tesla executes extraordinarily nicely over the following 5 years, that the long run worth might exceed Apple and Aramco mixed,” Musk wrote on X.
He was responding to a Tesla fanatic who opined that the inventory is “massively undervalued” regardless of rising by practically 130% this 12 months.
Whereas oil large Saudi Aramco boasts a market capitalization of 8 trillion SAR ($2.13 trillion), Apple holds a major market cap of $2.99 trillion, inserting them among the many highest-valued firms globally. Tesla, however, presently enjoys a market capitalization of $778.6 billion.
Why It Issues: In Oct. 2022, Musk first mentioned that he sees potential for Tesla to exceed the market cap of the 2 market cap leaders mixed. He added that it would not be simple and would require a whole lot of work, some very inventive new productions, growth administration, and luck. He was talking at Tesla’s third-quarter earnings name.
Nevertheless, within the final quarter, Tesla reported third-quarter income of $23.35 billion, lacking a Road consensus estimate of $24.38 billion. The corporate additionally reported manufacturing and car supply numbers (*5*), a stoop attributed to deliberate downtimes for manufacturing facility upgrades.
Additional, through the firm’s earnings name, Musk raised considerations pertaining to elevated rates of interest, making EVs dearer for patrons and subsequently lowering demand. Nevertheless, the corporate has retained its supply aim of 1.8 million automobiles for the 12 months.
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CEO Elon Musk Reiterates Tesla Market Cap Could Surpass Apple, Saudi Aramco Combined In Next 5 Years: ‘If…Executes Extremely Effectively’ – Tesla (NASDAQ:TSLA) www.benzinga.com 2023-12-30 04:23:58
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