“Don’t sell a share,” says billionaire investor Chamath Palihapitiya regarding Tesla’s current stock.
Palihapitiya shared Thursday that Tesla’s stock (TSLA) could be worth three times its current valuation, making CEO Elon Musk the world’s first trillionaire, as reported by CNBC (via Market Insider).
Tesla’s shares increased 6.9% on Thursday, and Musk passed Jeff Bezos to become the world’s wealthiest man.
Tesla -Don’t sell a share – Chamath Palihapitiya- Bull vs Bear pic.twitter.com/UOlR3lLiun
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In the interview, Palihapitiya especially emphasized Tesla’s role as a company that wouldn’t bend to short-term profit but would rather work towards making the world a better place.
“I don’t understand why people are so focused on selling things that work,” the Social Capital CEO added. “When things are working, you’re paid to stay with people that know what they’re doing. And this is a guy who has consistently been one of the most important entrepreneurs in the world. And so why bet against him?”
Palihapitiya, like many traders in the industry, consider Tesla a “distributed energy” company, instead of just an electric vehicle (EV) company. This is because, alongside its EVs, Tesla has also been building huge battery storage systems for governments around the world, offering solar products to homeowners, and created a number of future subscription-based packages around its EVs.
All in all, Palihapitiya is likely not wrong about Tesla’s high valuation, as we’ve seen Tesla continue to look bullish through many an investor doubt.
As of writing, Tesla is trading at $873.81 (+7.08%) with the week’s end in sight, touching yet another all-time high, while its market cap has surpassed $800 billion for the first time, also eclipsing Facebook.