Virgin Galactic Holdings Inc (NYSE: SPCE) SPAC President and King Chamath Palihapitiya said on Thursday that Tesla Inc (NASDAQ: TSLA) Shares can double or triple in value from here.
What happened: The billionaire investor gave advice on CNBC’s Halftime program, saying he couldn’t understand “why people are so focused on selling things that work.”
Palihapitiya described Tesla CEO Elon Musk as a “guy who has always been one of the most important entrepreneurs in the world”.
He asked investors to support Musk, Jeff Bezos, CEO of Amazon.com, Inc (NASDAQ: AMZN) and Anthony Noto, the CEO of SoFi.
See too: SoFi merging with SPAC IPOE supported by Palihapitiya
“Do you support these people who have [an] Incredibly strong character, who knows what he is doing, will not bow to short-term profits and will just drive the train for 10 or 20 years and make the world a better place, ”said Palihapitiya.
The old one Facebook Inc (NASDAQ: FB) executive pointed to benchmark venture capitalist Bill Gurley at Benchmark, who has a great line, “when the music is playing, you have to dance.”
“So, these guys are dancing, they’re in the rhythm, they’re flowing, let them do their thing. Support them, don’t sell a stock, let them create value ”, advised Palihapitiya.
Why it matters: Palihapitiya repeated his thesis that Tesla is a disruptive company whose main value is “energy deregulation” and not just an automaker.
The investment guru made a “pretty big” investment in Tesla in 2016 and said Tesla would become a trillion dollar company on the scale of Apple Inc (NASDAQ: AAPL).
Price action: On Thursday, Tesla shares closed nearly 7.9% up on $ 816.04 and rose 1.65% after-hours to $ 829.50. Virgin Galactic shares were up 3.97% to $ 25.13 and appreciated 0.68% in the same day’s after-hours session.
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