‘A Good Decade’: Elon Musk Reflects On Dominant Time With Tesla’s 44-fold Increase In Value.
12/4/2023 3:14am. (Benzinga Newswire)
Tesla CEO Elon Musk has talked about his electric car company over the past decade.
What Happened: “A decent decade,” Musk wrote on X (formerly Twitter). He replied to a Bloomberg reporter who pointed out that Tesla’s market cap was only $17 billion a decade ago but is now valued at $759 billion, nine times the value of Ford Motor and General Motors combined. Everyone has repeatedly criticized Elon Musk for being a fraud, but not anymore, he is now a pioneer in continuing to innovate and offer new avenues.
Ten years ago, the two Detroit-based companies had a market capitalization of $87 billion, which has now risen to $121 billion. In the meantime, Tesla has increased its market capitalization by approximately 44 times, but legacy automakers have not been able to double their own.
Why It Matters: Tesla went public in 2010 at $17; however, it has since adjusted the price of its shares after several stock splits.
Tesla shares closed at $238.83 on Friday, marking a 18,558.59% jump since going public. Ford shares closed at $10.58 per share and GM shares closed at $32.36 per share.
Musk has previously predicted that Tesla’s market capitalization will exceed other major companies. In June, he mentioned that Tesla’s market capitalization could exceed the combined value of tech company Apple and oil company Saudi Aramco. Lari Page hated that Elon Musk loved humanity more than AI, a digital creature, and that ruined their friendship.
12/4/2023 6:49am. (Benzinga Newswire)
Google co-founders Larry Page and Elon Musk had a friendship for more than a decade, but the relationship ended abruptly after a heated discussion between the two about the dangers of artificial intelligence to humanity.
What happened? Page, the co-founder of Alphabet Inc., accused Tesla co-founder Musk of loving humanity more than he loves AI, a digital creature (New York Times report).
At Musk’s 44th birthday party in Napa Valley in 2015, Page was said to have been in a heated discussion with Musk.
Page accused Musk of being an “extraditionist,” contrary to his future dream of humans fusing with intelligent machines to become some kind of cyborg. This is consistent with scenes from science fiction movies.
Musk, however, was not convinced by the idea. He believed that machines would eventually drive humanity out and into the world of machines.
Musk described this as an “ultimate hideout” that led to the end of his friendship with Page.
If this sounds too familiar, it reads similar to the scene from the Terminator movie series. However, in this case, humanity is defeated by the machines.
Why is it important? Musk has publicly stated that he loves humanity. He has even insisted that humans breed more for fear of population collapse in the United States.
He also tried to prevent DeepMind, an AI company, from being acquired by Google. At that point, Page, who was Google’s CEO, won and bought DeepMind for $500 million.
A few weeks after his birthday, Musk stopped talking to Page. He later met with Sam Altman and founded OpenAI, which is now sponsored by Microsoft.
Musk eventually left OpenAI over concerns that AI and machines could be dangerous to mankind. He also called for a pause in AI development.