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“Warren Buffett is washed up.” – Dave Portnoy and Elon Musk.
Elon Musk rolled into the weekend as the seventh richest person in the world. Lon Corleone passed Warren Buffett after his net worth grew by $6.1B on Friday thanks to Tesla’s 11% stock surge, bringing the stock’s YTD gain to 269%.
I’ll repeat that again: Elon Musk is now richer than Warren Buffett and he made $6.1B in one day… *Looks at my latest paycheck… single tear rolls down cheek*
Elon’s net worth now stands at $70.5B, compared to Warren’s $69.2B. Maaan, he is one pathetic loser.
Here’s a coupon
All this good fortune has Elon feeling generous, apparently…
Tesla dropped the price of the Model Y by $3k. Less than 4 months after hitting the shelves, Tesla slashed the price of its crossover EV from $52.9k to something more reasonable… $49.9k.
You might remember that the company did beat Wall Streets’ Q2 estimate of 70k vehicle deliveries by 20k EVs, but is hoping that the price cut will pour gasoline (er, electricity?) on the fire and spark demand at a time when automakers are feeling the pinch as buyers hold off on car purchases.
This is the fourth price drop in six weeks, as the EV maker took $5k off the MSRP for the Model S and X and $2k off the Model 3.
The bottom line…
Investors seem to be chasing the EV dragon, hoping any car company that prefers electricity to gas can replicate Tesla’s unprecedented YTD gainz. I know from experience, man *looks at the three shares of Nikola in my Robinhood account*
Electric pickup truck company Rivian raised $2.5B via its latest round of funding, moving its estimated valuation to more than $8B. Soros Fund and Fidelity jumped on the bandwagon, while Amazon and BlackRock invested further.
Of course, the EV truck company doesn’t currently produce any vehicles, but it is looking to hit the streets with three new models in 2021… probably.
Water Cooler Talking Point(s)
💧 “Elon and Warren have nothing in common with your run of the mill, garden variety billionaires.” – Gary Gulman – Nick Ellis (Nick, The Water Coolest HQ)
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