Elon Musk once more claims in the future Tesla will get larger than Apple is right this moment

Credit score: Tesla

AppleInsider might earn an affiliate fee on purchases made by way of hyperlinks on our web site.

Tesla introduced quarterly earnings after the bell on Wednesday. Whereas Tesla did not meet its income expectations for Q3 2022, it did beat its personal earnings expectations.

After the outcomes had been launched, Musk introduced that the corporate’s board mentioned a share buyback program of between $5 to $10 billion. Nonetheless, the plan hasn’t been finalized but.

Musk additionally mentioned Tesla’s valuation — which presently sits at $700 billion.

“Some time in the past,” Musk mentioned on Wednesday, “I mentioned on an earnings name that I believed it was attainable for Tesla to be price greater than Apple, which was price $700 billion on the time.”

A “whereas in the past” refers to Could 2017. Apple was price $772 billion when the comment was made, and Tesla trailed at $51 billion. Apple is now valued at $2.3 trillion and is presently thought-about essentially the most helpful firm in the world.

“Now I am of the opinion that we will far exceed Apple’s present market cap,” he continued. “I see a path for Tesla to be price greater than Apple and Saudi Aramco mixed.”

Saudi Aramco, a petroleum and pure gasoline firm, has a present worth of $2 trillion. In Could, the corporate briefly surpassed Apple as essentially the most helpful firm on the earth.

Tesla’s inventory is down greater than 5% after Wednesday’s earnings name. It began the yr at $399.93 and isn’t presently on the year-low, however is not far-off from it, amidst a big tech inventory contraction.

Musk has most just lately been within the monetary and tech information for his on-again, off-again Twitter deal. At current, it seems that the brand new phrases of the deal could also be accomplished quickly — however a chancery court docket deadline for the bundle is approaching.