Elon Musk takes cues from Warren Buffett as Tesla stock booms after strong third quarter: “Having a publicly traded company is like…” – Tesla (NASDAQ:TSLA)

Tesla Inc. TSLA CEO Elon Musk on Saturday reflected on the company's stock jump over the past week, calling it a “roller coaster ride.”

What happened: “The stock market is wild, kind of a roller coaster ride. I find Warren Buffett has many good sayings. One is: “Having a publicly traded company is like having someone standing in front of the house shouting real estate prices all day long, and it's still the same house,” Musk said at a town hall in Lancaster, Pennsylvania, where he was speaking for the former campaign made president and Republican presidential nominee Donald Trump.

Tesla stock had been more or less on a downward trend since the beginning of the year until last week on October 23, when the company announced its third-quarter results and offered optimistic guidance.

The company reported third-quarter earnings per share of 72 cents, beating the Street consensus estimate of 58 cents per share.

Musk also said he expects vehicle sales to rise 20% to 30% next year, addressing investor concerns about declining demand for electric vehicles. The company also wants to exceed last year's delivery figures for 2024

In 2023 as a whole, Tesla delivered 1,808,581 vehicles. To achieve year-over-year growth, the company must deliver at least 514,926 vehicles in the three months ending December.

Musk's appreciation for Buffett: Meanwhile, this is not the first time that Musk has referred to this Berkshire Hathaway CEO Warren Buffett.

In October 2021, Musk even said on the social media platform X and then on Twitter that Buffett should invest in Tesla. Previously, in 2018, Musk praised Buffett's investment and capital allocation strategy, calling it better than the government's.

Price promotion: Tesla shares closed Friday up 3.3% at $269.19. The stock is up 8.4% year-to-date and up about 23% over the past five days, according to data from Benzinga Pro.

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