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Elon Musk says that Tesla will be much more valuable in years to come despite short term challenges.
Tesla Inc (NASDAQ: TSLA) stock is one of the most-watched stock markets by most investors and Wall Street analysts, especially after the onset of the coronavirus pandemic earlier this year. Amazingly, Tesla shares have risen astronomically during the pandemic despite rumors and fears of a possible crash. The American electric vehicle company has instead tremendously grown during the pandemic and redefined its long term growth. And Tesla CEO Elon Musk believes that the company has a bright future.
Hereby, investors and most analysts remain very optimistic with the company’s ability to deliver despite the increasing competition in the EV industry.
According to metrics provided by MarketWatch, Tesla shares were up 760.68% in the past one year through Monday, up approximately 403% year to date, and managed to add 95% in the past three months through yesterday. However, they had fallen approximately 11% in the past one month, and were down 0.71% in the past five days.
Notably, during Monday’s trading session, Tesla shares added 3.40% to close the day trading at $421.20. Now in the pre-market, the stock is 0.33% down, at $419.80.
As of the time of publication, Tesla was valued approximately $379.56 billion with 931.81 million outstanding shares.
In the past 52 weeks (approximately 12 months), Tesla shares ranged between $44.86 and $502.49 through Monday.
What Does Elon Musk Think about Tesla and Its Future?
Tesla and its counterparts in the EV industry are viewed as a vital pillar in saving the world from environmental degradation. According to Musk in recent interviews, the coronavirus pandemic will end up accelerating the global adoption of cleaner energy.
As a result, Tesla will be much more valuable in years to come despite short term challenges. However, during an interview with the NewYorkTimes, Musk warmed that any delay of cleaner energy adoption will worsen the current coronavirus pandemic in the long term.
“I do not think this is actually the end of the world,” stated Musk during an interview. “But at the same time, we need to hurry up. The longer we take to transition to sustainable energy, the greater the risk we take.” He explained.
Musk added that the current gains in Tesla shares will be a ‘mere shadow’ of what the gains will look like in five years.
“Some critical mass of the market has concluded that Tesla will win, I guess,” said Musk on the stock’s increases. “I’ve gone on record already saying the stock prices have been high, and that was well before the current level. But also if you ask me, do I think Tesla will be worth more than this in five years? I think the answer is yes.”
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