Love him or hate him, Elon Musk continues to dominate headlines as he prepares to take on government duties as the head of incoming President Donald Trump’s Department of Government Efficiency (DOGE). And, yes, it’s not lost on anyone that Musk made sure the agency was named after the viral Doge meme and Dogecoin (DOGE) crypto, which he has shilled before.
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Frankly, Musk generates enough news that a whole publication could be dedicated to his actions and antics, but for now, let’s just go over all of the biggest happenings of the businessman and meme lord today!
Elon Musk Tesla News
First up is Musk’s ongoing arguments over his Tesla (TSLA) pay package. A new court ruling has struck down a $56 billion payment for the second time. Musk has been arguing in court over this pay following a lawsuit from a TSLA shareholder over its excessive value. The TSLA CEO’s outrage over the first rejection saw him move the company’s headquarters from Delaware to Texas. This latest ruling means Musk is unlikely to receive the massive pay package.
Sticking with Tesla news, investors will remember that the company holds the leading cryptocurrency, Bitcoin (BTC). An update last month saw the value of Tesla’s holdings surpass $1 billion alongside the increasing price of BTC. However, Musk missed out on extra profits by selling Bitcoin when it dropped to around $31,000.
Updates on AI
Musk is also caught up in a different lawsuit focused on Microsoft (MSFT)-backed OpenAI. He claims the company has betrayed its founding promise of benefitting the public with its artificial intelligence (AI) research in favor of chasing profits. Musk is an early investor and holds a seat on the OpenAI board. The latest update has OpenAI CEO Sam Altman claiming that Musk won’t use its political influence as pressure against the company.
On that same note, Musk is continuing the development of his own AI startup, xAI, which is tied to social media platform X, formerly Twitter. That includes expanding the supercomputer to one million graphics processing units (GPUs). For perspective, the supercomputer currently has 100,000 GPUs.
SpaceX Could Soar in New Valuation
Next, we have to talk about Musk’s SpaceX and the reports that it’s worth up to $350 billion. While the company’s internal financial information is unknown, estimates claim this is how much it will be valued for during a tender offer later this month. Analysts note that satellite internet operator Starlink is a major contributor to the rocket company’s value.
Is Tesla Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Tesla is Hold based on 11 Buy, 14 Hold, and nine Sell ratings over the last three months. With that comes an average price target of $233.67, representing a potential downside of 34.72% for TSLA shares.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
