Tesla’s Stock Soars: Musk Discusses the Market’s Ups and Downs

Insights From the CEO: Tesla Inc. TSLA CEO Elon Musk recently described the recent fluctuations in the company’s stock price as a “rollercoaster” during a town hall meeting in Lancaster, Pennsylvania.

Market Reflections: At the event, Musk shared his thoughts on the unpredictable nature of the stock market. He quoted Warren Buffett, noting, “Having a publicly traded company is like having someone stand outside your house and yell house prices all day, and it’s still the same house.” Musk was campaigning for former President and Republican candidate Donald Trump at the time.

Tesla’s stock had been on a generally downward trend since January, but this changed after the company reported its third-quarter earnings on October 23. The upbeat forecast reversed some of the declining trends.

In the earnings report, Tesla posted earnings per share of 72 cents, which surpassed analysts’ expectations of 58 cents.

Addressing concerns over electric vehicle (EV) demand, Musk projected that vehicle sales would increase by 20% to 30% in the upcoming year. For 2024, Tesla aims to surpass its delivery numbers from 2023.

In total, Tesla delivered 1,808,581 vehicles in 2023. To achieve year-over-year growth, the company needs to deliver at least 514,926 vehicles by the end of December.

Musk’s Fondness for Buffett: This isn’t the first instance in which Musk has praised Berkshire Hathaway CEO Warren Buffett. In October 2021, Musk suggested on social media that Buffett should consider investing in Tesla. Additionally, back in 2018, Musk commended Buffett’s investment strategies, stating they were superior to government approaches.

Stock Activity: On Friday, Tesla shares rose by 3.3%, closing at $269.19. Year-to-date, the stock is up 8.4% and has gained approximately 23% over the past week, according to data from Benzinga Pro.

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