By CCN: Elon Musk is well-known for making tall claims to drive Tesla stock higher. From promising full self-driving cars in just over a year to deploying millions of robotaxis, Musk has been in overdrive mode to save his company’s stock price from crashing after a horrifying quarterly report.
But his latest claim takes the cake.
Elon Musk’s Latest Tesla Claim Is Absolutely Bewildering
According to CNBC, Musk assured investors that Tesla’s market cap could surge to $500 billion in the coming years, thanks to advancements in self-driving technology. He did not provide a timeframe for his prediction.
— Squawk Box (@SquawkCNBC) May 2, 2019
That’s nearly 12 times Tesla’s current market cap. Tesla stock currently trades at around $250, so Musk’s claim suggests the stock could rise to almost $3,000. The company currently has 173 million shares outstanding, which means that each share would be worth just under $2,900 when TSLA hit a $500 billion valuation.
What’s Elon Musk Smoking?
Elon Musk made another delusional claim over the conference call with analysts. He believes that the value of existing Tesla cars will increase to $250,000 within the next three years thanks to self-driving capabilities that the company plans to add via software updates.
But this isn’t the only way Musk claims he’s going to make owners of Tesla vehicles rich. He plans to kill Uber and Lyft by deploying a million “robo-taxis” on the road by next year. Owners will be able to rent out their self-driving Tesla vehicles using an app, earning more than $30,000 annually as each robo-taxi will be capable of driving 100 hours a week on its own.
Apparently, Tesla cars aren’t just a…