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Elon Musk adds $30 billion to his net worth in a single day: ‘Tesla will become the most powerful company in the world’ (fortune.com)

submitted 4 weeks ago by [email protected] to c/economy

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[–] [email protected] 38 points 4 weeks ago (3 children)

I cannot think of a reasonable explanation of Tesla stock shooting up that high.

I guess I live in a bubble where everyone thinks the cybertruck is stupid and teslas are pretty mid with horrible service.

[–] psycho_driver 23 points 4 weeks ago

I'm seeing some videos pop up about Enron level accounting fraud and that makes as much sense as anything.

[–] FMT99 14 points 4 weeks ago

It happened before and next week there will be an article saying his net worth dropped X billion. A quick google shows there was a moment in 2023 his net worth dropped from 320 billion to 138. Tesla's stock has always been a bitcoin-esque rollercoaster and I don't see that ending any time soon.

Aside from the possible Enron-level accounting fraud, which wouldn't surprise me in the least.

[–] Blue_Morpho 9 points 4 weeks ago

It could be because Elon/Tesla has now broken all of its promises from when it started:

Elon said repairs wouldn't become a profit center and Supercharging stations wouldn't be a profit center.

https://electrek.co/2024/10/24/teslas-profits-are-now-coming-from-things-elon-musk-said-he-wouldnt-do/

"Tesla’s gross margins for service and selling replacement parts are surging, and Tesla is proudly saying it in its financial results."