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. The final report card is something like a C or C+, depending on how strict of a grader you want to be. The company may have brought in more money than it ever has before, $21.
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,I will not let you down, no matter what it takesOn the earnings call, Musk seemed to alternate between disengagement and hyperbole. 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.
very likely going to have to sell shares of his company to fund his purchase of a social-media company . 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 $7.8 trillion oil company. With Tesla at $15 trillion, that would be roughly a third of the market capitalization of the. 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.
After the company’s earnings came out, the stock fell to around the lowest level it’s been all year — roughly the same price it was in June 2021. This matters because Musk still has to pay for Twitter and Tesla shares are how he’ll do it. Musk can sell stocks, and he has done so in the past. He’s also sitting on roughly $20 billion in cash from previous sales.
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