(Weirdly, for a projection of that magnitude, it felt a little bit like an off-the-cuff comment.) Later in the call, he seemed to even indicate that it could be worth more because of sales of the robot that Tesla recently debuted. He stuck to his favorite theme: his vision of the perfect future, where he is even more unfathomably wealthy. “For the first time, I see a way for Tesla to be, let’s say, roughly twice the value of Saudi Aramco,” he said, referring to the $2 trillion oil company. (After saying that, the after-hours price of Twitter shares jumped to $54.21, above the price that Musk agreed to pay in April, the first time that’s happened since he made the offer.) At one point, he chastised investors for thinking too short-term and demanding buybacks even though he is very likely going to have to sell shares of his company to fund his purchase of a social-media company. He admitted that he and other investors have “overpaid” for Twitter, which is about as good a sign as we’ve seen that he’s not planning on crashing this deal again. On the earnings call, Musk seemed to alternate between disengagement and hyperbole. I will not let you down, no matter what it takes- Elon Musk October 19, 2022 ![]() I’m going to do better next time, I promise. Prior to the earnings announcement, Musk took to his Twitter account to make a nonspecific message of support to his followers that, to me at least, sounds like him saying, Please, please, please don’t sell my stock. The company did say that it would start delivering its electric trucks this December, but that didn’t offset various causes for concern. The numbers also suggest Musk will not make good on his promise to deliver 1.4 million cars by the end of the year. ![]() (In this case, Musk missed the revenue mark by nearly half a billion dollars). The company may have brought in more money than it ever has before, $21.5 billion in revenue, but it was not enough to satisfy the analysts who set the expectations for how the numbers in the earnings report should look. The final report card is something like a C or C+, depending on how strict of a grader you want to be. Tesla offered up its latest answer to how things are going there on Wednesday, announcing quarterly earnings against the very high expectations that Wall Street has set for Musk’s ability to make money and deliver cars. Should Musk lose his golden touch in selling his cars - and the reality is that he is very good at making and selling them - that would have a serious negative impact on the rest of the stuff that makes Musk so interesting: the robot, the perfume, the tunneling sidelight, and so on and on. ![]() Its success, and ensuing sky-high stock price, is principally how he rose to be the world’s wealthiest person, which affords him the ability to, say, buy a social-media company and then spend millions of dollars in legal fees in a ruse to not buy it as an unsuccessful negotiation tactic (probably - he still has until October 28 to close to the deal). His company, Tesla, is really the wellspring of everything else in Muskland. Given all of his extracurricular activities, it can be easy to forget that Elon Musk is also concerned with the business of selling electric vehicles.
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