Tesla stock passes $700 for first time in three months, Elon Musk tweets raise questions

‘I don’t want to be CEO of anything,’ Musk Tweeted late Friday, just days after saying he will no longer host Tesla earnings conference calls.

By Martin BaccardaxThe Avenue

Mon., Aug. 2, 20211 min. read

Tesla (TSLA) shares traded at a three month high Monday even as investors parse messages from founder Elon Musk that can ask his future as team CEO.

Following a revelation closing week that Musk will now not grab part in Tesla earnings conference calls “unless there’s something no doubt valuable that I possess to reveal,” the billionaire Tesla founder said “I don’t ought to be CEO of something” one day of a Twitter dialogue linked to his criticism of Apple (AAPL) amid the tech huge’s lawsuit with Account Games.

The feedback could per chance per chance presumably elevate additional questions over his future as CEO of the smooth-energy carmaker, which posted legend obtain profits of $1.142 billion (U.S.) for the three months ending in June as revenues rose 98 per cent from closing three hundred and sixty five days to $11.96 billion and deliveries hit an all-time high of 201,250 autos.

Musk also warned investors that the worldwide shortage in semiconductor affords remains “rather serious” and could per chance per chance presumably still affect production charges over the second half of of the three hundred and sixty five days, collectively with that quantity bid will depend on the provision of alternative parts in the worldwide offer chain.

“The chip offer is largely the governing ingredient on our output,” Musk suggested investors, “It will not be easy for us to reveal how prolonged this could per chance per chance presumably closing on legend of [it’s] out of our alter essentially. It does seem savor it’s improving, but it no doubt’s exhausting to predict.”

Tesla shares were marked 5.4 per cent higher in early Monday buying and selling to alternate hands at $724.24 each, the finest in bigger than three months.

As we possess written earlier than, however, Tesla’s high valuation leaves diminutive room for less-than- supreme execution, as evidenced by a quite tepid reaction to what used to be a reasonably powerful EBIT beat, and we did search some less than supreme grab-aways, collectively with … the shock announcement that Tesla’s successfully liked by investors CEO will now largely not seem on quarterly earnings conference calls,” said JPMorgan analyst Ryan Brinkman, who carries a underweight ranking with a $180 value goal on the stock.

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