I heard on the radio today that Elon Musk is now the wealthiest individual on the planet almost entirely because of how much Tesla stock price has skyrocketed this year.
Does anyone know a lot about this?
How is it the 5th most valuable company ($830 billion) on the Wall Street Exchange when they only have around 1% of the US car market?
I know they make their own batteries. They've got the solar roof going. Their "Autopilot" is supposed to be great. I've read they are fun to drive. They are the only ones (I think) who repair their cars. They do wireless updates that can improve battery range and increase break power, which is pretty snazzy.
Do you think all those parts sum up to be worth more than the valuation of Volkswagen, Toyota, Ford, Honda, Daimler, and ExxonMobile combined?
(If this belongs in Spam, would one of the mods kindly move it there?)
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Let�s not forget that Elon Musk has more companies under his name than just Tesla. Space X, The Boring Company, Neuralink, OpenAI... and with that, Tesla is more than just cars. It�s solar power stuff too! So it�s really not surprising how he�s become worth so much.
Tesla though is an interesting brand to me. I do believe that moving to more renewable technology for vehicles is very important for our planet�s future. However, renewable technologies are still very expensive and for a while, were finicky and not everyone believed in it. Which is partly why electric cars didn�t do so well at the turn of the millennium (see also: Who Killed The Electric Car?) I remember watching some kind of documentary on Tesla... I think it was a National Geographic one on Youtube? It was pretty cool, albeit it was a few years ago now, but it was interesting for sure. I don�t know a ton but it�s something that�s caught my eye before.
No doubt Elon is well diversified. I think all of his companies, besides Tesla, are private though, so we don't really know how much they are worth.
His rise from about ~$30 billion around 12 months ago to ~$190 billion today is mainly because of the unbelievable 600%+ market valuation increase in 2020.
I have a hard time understanding how Tesla could be worth so much in the future unless they completely dominate the automobile industry and the renewable energy industry. I haven't met or know anyone who has met someone with their solar tech. And I don't see them becoming a major player in the automobile industry any time soon, even though I do keep seeing more Teslas around. They aren't in most people's budget and the recharge time/availability is inconvenient for long distance trips in USA.
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