Elon Musk, the renowned CEO of SpaceX and Tesla, made an appearance at the Viva Technology conference in Paris on June 16, 2023. The conference was dedicated to innovation and startups, held at the Porte de Versailles exhibition centre. Musk’s presence drew attention from the audience and media, highlighting his influential role in the tech and automotive industries.
During the conference, Musk engaged in a conversation with Antoine Arnault, scion of the renowned luxury conglomerate LVMH. They discussed Tesla’s skyrocketing market capitalization, which currently stands at a staggering $827 billion. Arnault playfully remarked on the stark difference between Tesla’s valuation and LVMH’s, emphasizing the remarkable growth of the electric car manufacturer.
Musk humbly responded, acknowledging that he has limited insight into the fluctuations of stock prices. He shared an amusing anecdote, recalling instances where he expressed concerns about Tesla’s stock prices being too high, only for them to rise further. This display of self-awareness highlighted the unpredictable nature of valuations in the market.
However, Musk also emphasized the pivotal role of autonomous driving technology in determining Tesla’s market cap. According to him, the company’s value is primarily derived from its advancements in autonomous driving. Although Tesla has produced nearly 2 million vehicles this year, constituting a mere 2% of total vehicle production, Musk believes that the potential for autonomy holds immense value. He expressed confidence in the future profitability of Tesla’s fleet of self-driving robotaxis, a concept he previously envisioned to be realized by 2020.
While Musk has consistently claimed that Tesla is on the verge of solving autonomous driving, the current capabilities of the company’s cars remain limited to advanced driver assistance features. Despite this, Musk’s unwavering optimism and dedication to pushing the boundaries of innovation continue to fuel excitement and speculation surrounding Tesla’s future.
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