June 12, 2023: Elon Musk playfully mocked investor Bill Miller for betting against Tesla stock when it was valued at less than half its current price.
In a tweet on Saturday, the CEO of Tesla and SpaceX responded with a laughing emoji to an old CNBC interview where Miller explained his short position on the electric vehicle company. Miller stated that he had recently shorted Tesla and would continue to do so if the stock price rose.
During the interview, Miller expressed skepticism about Tesla’s market share and valuation, citing increased competition in the industry. He believed that Tesla’s worth of $380 billion was excessive, especially considering the emergence of electric vehicles from other top automakers.
At the time of Miller’s comments, Tesla’s market capitalization was around $357 billion. However, the company’s valuation has since soared by approximately 116%, currently at $774.6 billion. As of the close of trading on Friday, Tesla’s stock price was $244.40.
The Tesla stock surge is partly attributed to investor optimism about a potential Federal Reserve interest rate policy shift. Tesla’s decision to lower prices in the United States and China has also increased vehicle demand.
Wedbush analyst Dan Ives recently predicted a 22% rise in Tesla’s stock following the company’s agreements to allow GM and Ford to utilize its charging network.