Elon Musk Believes Tesla Could Be Worth More Than Both Apple And Aramco Combined
Tesla CEO Elon Musk says that his company could soon be worth more than Apple. The news comes as the company is getting ready to push through a $5 billion to $10 billion share buyback.
Tesla released its Q3 2022 financial results yesterday, with the company missing its revenue expectations — but it still managed to exceed expectations in terms of earnings.
The news hasn’t been well received by investors and the stock market hasn’t been Tesla’s friend in recent months, especially on the back of Musk’s never-ending buyout of Twitter.
Following the earnings call Tesla held a convergence call with analysts and it was on Musk to try to calm everyone down. The share buyback scheme was confirmed during that call, while Musk went on to say that he once said that he thought it was possible for Tesla to be worth more than Apple — a company worth $700 billion at the time.
However, he now says that he is revising that.
Now I’m of the opinion 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.
That’s quite the claim given the fact Apple is worth $2.3 trillion and Saudi Aramco is worth another $2 trillion. Electrek notes that Musk also pointed to the fact that despite the threat of recession his company can still generate “meaningful cash” next year.