Tesla Inc. TSLA CEO Elon Musk on Saturday reflected on the company’s stock jump over the past week, terming it a “rollercoaster.”
What Happened: “The stock market is wild, sort of rollercoaster. I think Warren Buffett has a lot of good sayings. One is, ‘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 said at a town hall in Lancaster, Pennsylvania, where he was campaigning for former President and Republican Presidential candidate Donald Trump.
Tesla’s stock was on a more-or-less downward trajectory since the start of the year until the company reported its third-quarter earnings last week on Oct. 23 and gave upbeat forecasts.
The company reported third-quarter earnings per share of 72 cents, beating a Street consensus estimate of 58 cents per share.
Musk also said that he expects vehicle sales to grow 20% to 30% next year, addressing investor concerns of falling EV demand. For 2024 too, the company is looking to exceed its delivery numbers from last tear
For the full-year 2023, Tesla delivered 1,808,581 vehicles. To mark a growth over last year, the company has to deliver at least 514,926 vehicles in the three months through the end of December.
Musk’s Appreciation For Buffett: Meanwhile, this is not the first time that Musk has referred to Berkshire Hathaway CEO Warren Buffett.
In October 2021, Musk even opined on social media platform X, then Twitter, that Buffett should invest in Tesla. Prior to that, in 2018, Musk applauded Buffett’s investment and capital allocation strategy, terming it better than the government’s.
Price Action: Tesla shares closed up 3.3% at $269.19 on Friday. The stock is up 8.4% year-to-date and up by about 23% over the last five days, according to data from Benzinga Pro.
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