'Is He Trying To Be Cramer?' Elon Musk Pokes Fun At Gary Black's Old Comments On Rivian As Tesla Rival Struggles To Make Its Mark
Portfolio Pulse from Benzinga Neuro
Elon Musk, CEO of Tesla Inc., humorously critiqued Rivian's valuation and investor Gary Black's optimistic market cap prediction for Rivian, comparing Black's forecasting to CNBC host Jim Cramer's often inaccurate stock market predictions. Musk's comments highlight skepticism around Rivian's valuation amidst its stock downturn, despite exceeding first-quarter revenue expectations. Rivian's shares fell due to a higher-than-expected loss per share and reduced production guidance for 2024.
May 08, 2024 | 11:35 am
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POSITIVE IMPACT
Elon Musk's comments on Rivian's valuation and comparison to Jim Cramer may indirectly affect Tesla's perception among investors, potentially highlighting Tesla's competitive edge in the electric vehicle market.
Musk's critique of Rivian, by comparing it to the often incorrect predictions of Jim Cramer, could serve to indirectly elevate Tesla's market perception by contrasting Tesla's success with Rivian's challenges. This might lead to a positive sentiment among investors towards Tesla, considering its position as a leading competitor in the EV market.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Rivian faces skepticism from high-profile figures like Elon Musk, contributing to its stock downturn despite exceeding Q1 revenue expectations. The company's reduced production guidance for 2024 and higher-than-expected loss per share are key factors.
Musk's comments, highlighting skepticism around Rivian's valuation and comparing it to the often inaccurate predictions of Jim Cramer, could exacerbate investor concerns about Rivian's future profitability and market position. This, combined with Rivian's recent financial performance and adjusted production outlook, likely contributes to the negative short-term impact on Rivian's stock.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90