Tesla Inc. TSLA CEO Elon Musk on Friday weighed the possibility of the EV giant having a market capitalization bigger then Apple Inc. AAPL and Saudi Aramco combined.
What Happened: “Lot of work between here & there, but it is possible,” Musk said. He was responding to a Twitter user predicting Tesla’s worth to be about $5 trillion in the future.
“When Tesla stock market cap is bigger than Apple and Aramco combined. Elon will say, I told you so. Don’t bet against Elon,” the user wrote.
While oil giant Saudi Aramco boasts a market capitalization of 7.85 trillion SAR ($2.09 trillion), Apple holds a significant market cap of $2.85 trillion, placing them among the highest-valued companies globally. Tesla, on the other hand, currently enjoys a market capitalization of $765.82 billion.
Why It Matters: In October 2022, Musk had reiterated that he sees potential for Tesla to exceed the market cap of the two market cap leaders combined. He added that it wouldn’t be easy and would require a lot of work, some very creative new productions, expansion management and luck. He was speaking at Tesla’s third quarter earnings call.
In April, Tesla Bull Cathie Wood’s Ark Invest said its updated open-source Tesla model projects the stock hitting $2,000 in 2027, with a market cap of $4.44 trillion–$7.94 trillion.
Price Action: Tesla shares closed 4.06% higher at $244.40 on Friday and rose 0.21% in after-hours trading, according to data from Benzinga Pro.
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Read More: GM Chief Mary Barra Resurfaces On Twitter In Post-Musk Era After 7-Month Hiatus
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