Tesla’s Valuation Doesn’t Add Up Today, Never Mind $4.4 Trillion Tomorrow

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https://www.wsj.com/articles/teslas-valuation-doesnt-add-up-today-never-mind-4-4-trillion-tomorrow-11666226947

Third-quarter results were only bad relative to the sky-high expectations Tesla sets, but valuation remains the elephant in the room

Tesla had a good third quarter, but this is a stock for which nothing other than spectacular is good enough. Case in point: Chief Executive Elon Musk’s new stretch valuation target is “Apple and Saudi Aramco combined”—about $4.4 trillion.

After the bell Wednesday, the electric-vehicle pioneer reported $3.7 billion of operating profit on $21.5 billion of revenue. While both were new records, both also came in shy of consensus estimates that had already been cut following a disappointing quarterly sales report earlier in the month. Shares fell in after-hours trading.

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