Tesla will become bigger than Apple, according to Elon Musk. During Tesla’s third-quarter earnings conference, chief executive Elon Musk reiterated that his company could far exceed Apple’s current market value.
While Tesla has not met its revenue expectations for the third quarter of 2022, it has beaten its own expectations for earnings.
Following the release of the results, Elon Musk announced that the company’s board of directors has discussed a share repurchase program worth between $ 5 and $ 10 billion. However, the plan has not yet been finalized.
Musk also talked about Tesla’s valuation, which is currently $ 700 billion: “A while ago, I said I thought Tesla could be worth more than Apple, which was worth $ 700 billion at the time. Now I’m of the opinion that we can far exceed Apple’s current market value. I see the possibility that Tesla is worth more than Apple and Saudi Aramco put together “.
Musk refers to May 2017. At the time, Apple was worth $ 772 billion, while Tesla was worth $ 51 billion. Today Apple is valued at $ 2.3 trillion and is currently considered the most valuable company in the world. Saudi Aramco, an oil and natural gas company, is currently worth $ 2 trillion.
Incidentally, Tesla’s shares fell more than 5% after the earnings report on Wednesday, but its chief executive is very confident about the company’s future.
Will Tesla Really Overcome Apple’s Value?