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Elon Musk’s Call to Warren Buffet Boosts Tesla: TSLA Price Surges

Elon Musk’s Call to Warren Buffet Boosts Tesla: TSLA Price Surges

Multi-billionaire Elon Musk has urged celebrity investor Warren Buffett to invest in Tesla Inc. (TSLA). Following the most recent remark, the price of TSLA stock increased during the pre-market on Monday. Furthermore, Berkshire Hathaway, led by Warren Buffet, is rumoured to sell off a sizeable portion of its Apple Inc. (AAPL) holdings. 

Warren Buffett’s Advice From Elon Musk

In a post on X, HyperChange, a YouTuber and Tesla devotee, wrote, “C’mon Warren Buffett, sell all your $AAPL and buy $TSLA.” Musk responded to this post by saying, “He should take a position at Tesla.” Furthermore, Tesla’s CEO described it as an “obvious move” to solidify TSLA’s superiority over AAPL. 

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Buffet has yet to reply to Musk’s comment. Due to tax concerns, the well-known investor recently reduced his ownership share in Apple by 13%. He sold more than 100 million shares of AAPL stock. Furthermore, from $174.3 billion in January 2023 to $135.4 billion this year, Berkshire Hathaway’s holding in AAPL fell. 

At the annual shareholders’ meeting, Buffet restated that Berkshire Hathaway will hold Apple “until something extraordinary happens.” Buffet stated, “At Berkshire, we don’t mind paying taxes,” pointing out the rising tax rates. We currently pay a 21% federal tax on the profits we take from our investments in Apple; not very long ago, that rate was 35%, and in the past, when I’ve been in business, it was 52%. 

Apple has started to compete with Tesla even though the two companies are not direct rivals in terms of operational scale. Apple began a research and development project called “Project Titan” in 2014 to create an autonomous EV. However, this year, the tech giant gave up on hopes of entering the EV market while Tesla remained the top EV producer. 

 Performance of TSLA Stock 

During today’s pre-market session, Tesla’s price continued to rise. On Monday, May 4, at the time of publication, TSLA was up 1.02% and trading at $183. The EV titan possessed a gigantic market valuation of $577.69 billion. Nonetheless, because of the ongoing bearish trend, the price of Tesla’s stock has fallen by more than 27% year over year. 

This could allow investors to enter at a lower buying price to leverage better profits. On Friday, May 3, the Tesla stock rose 0.63% and finished at $181.14. In addition, despite the stock’s recent increase, analysts are still bullish on TSLA, which has higher price targets. 

Price targets range from an average of $175.41 per share to $310 on the high end, per Barchart’s survey of 29 analysts. However, Yahoo Finance’s poll of 41 analysts supports this idea, with the highest targets hovering around $320 per share and an average of $179.84. 

Furthermore, 36 analysts who recently covered TSLA stock reported an average price objective of $203.41 on the sell-side analyst tracking website AnaChart. This average beats Friday’s closing price by over 12%. 

The highest price objective, which is $400, is noteworthy and dramatically exceeds the results of previous surveys. In addition, Daniel Ives of Wedbush, with a Buy rating on the stock, estimates its worth at $275.00 per share, reflecting a massive 51.8% increase from Friday’s price. 

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