Tesla has seen its market capitalization fluctuate this year, but in the not-too-distant future CEO Elon Musk thinks the company could be worth more than two of the biggest companies in the world – Apple and Saudi Aramco.
During the Q3 2022 earnings call this afternoon, Musk initially said he believes Tesla’s market capitalization will “far exceed” that of Apple, which currently sits at around $2.31 trillion. For comparison, Tesla’s market cap is currently $695 billion.
Soon after however, he added that through “a lot of work and some very creative new products as well as expansion,” paired with some luck along the way, Tesla could exceed the value of Apple and Saudi Aramco combined.
Saudi Aramco, a Saudi Arabian public petroleum and natural gas company, is currently valued at $2.02 trillion, meaning Musk thinks Tesla will be worth more than $4 trillion, at today’s valuations.
Musk said this is the first time he has seen the potential for Tesla to reach such a high valuation, possibly as high as twice as much as Saudi Aramco, reiterating the possibility on Twitter after the call.
Will require truly exceptional execution, but it is possible
— Elon Musk (@elonmusk) October 19, 2022
As for what new products will drive that increase in value, Musk didn’t provide any specifics, but did say they have “one of the most exciting product portfolio of any product on Earth, some of which you’ve heard about and some of which you haven’t.”
Interestingly however, Musk later added that he was not including Optimus, the Tesla robot, in his assumptions for this valuation.
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