Tesla CEO Elon Musk’s latest contribution to the public discourse is a short one, “lol,”. Why is he saying that?
THE WORLD’S MOST VALUABLE AUTO MANUFACTURER.
This week, the total value of all Tesla shares briefly crossed $190bn, overtaking Toyota for the first first time ever – officially making it the world’s most valuable auto manufacturer. Elon Musk did typical Elon things, tweeting the word “lol” and nothing else, as Tesla shares passed the milestone. Not a bad few weeks when you remember that Musk’s other company launched 2 guys into space less than 2 weeks ago.
WHY IS HE SAYING LOL?
Musk tweets are often news. Reminder: in May, he tweeted Tesla shares were “too high.” This means he thinks Tesla is overvalued. The stock was, roughly speaking, at $780 before the tweet. Shares dropped initially, but the stock is now at almost $1,000, up about 28% from pre-tweet levels.
Many experts are like: “Tesla is the most impossible stock to understand, it is probably the only stock where the CEO can say the stock is too expensive, and then it goes up 25% over the next month.” Think: if the owner of a company is saying… “my company is overvalued”, who would want to invest in the company?! Exactly. No one. That is why Elon Musk (and everyone) is laughing. elon musk tweet lol explained