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Elon Musk Claims Tesla Could Be More Worthy Than Apple In Future

Oct 20, 2022 News & Updates PitStopArabia

According to Elon Musk, Tesla could soon be more worthy than apple. For this, the company is putting 5$ to 10$ billion shares behind this position. 

Now, the latest news has been released, Tesla introduced its Q3 2022 financial results. It is a slight revenue miss compared to expectations delivered by the automaker, but earnings were higher than expected.

For the last few months, the Tesla company was facing a hard time for the last in the stock market, and in this situation, Q3 results didn’t help. 

After the release of the Q3 results, the CEO of Tesla had a conference call with analysts in which he tried to calm the investors. He announced that Tesla discussed a share buyback program in which they held an agreement to proceed with a $5 to $10 billion share buyback.

In the share buyback program, the company would buy its share in the market at market price. Generally, it shows that the company believes its stock is undervalued and this step is a way to boost the stock price. 

Elon Musk declared that the plan has not been finalized yet, but it looks like Tesla will be moving forward with a share buyback program soon. 

After the announcement of the buyback program, CEO Musk commented on the latest Tesla valuation:

“A while ago, I said on an earnings call that I thought Tesla could be worth more than Apple, which was worth about $700 billion at the time.”

Based on its market capitalization, Tesla is worth approximately $700 billion.

Now, the CEO has a new goal for Tesla's valuation:

“Now I believe that we can far exceed Apple’s current market cap. I see a path for Tesla to be worth more than Apple and Saudi Aramco combined.”

According to the latest reports, Apple's worth is $2.3 trillion, and Saudi Aramco is now worth about $2 trillion. Also, Tesla's CEO noted, the company could still generate "meaningful cash" next year, even in a bad recession. In light of this, he believes that initiating a share buyback program would be a good idea.

To reach Apple and Aramco's valuation, Musk suggests a lot of hard work, good execution, and some luck. He does not include the Tesla Optimus humanoid robot in his equation.

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