Billionaire Elon Musk calls cash ‘Simply an entry in a database’ as

Billionaire Elon Musk says that money is “just an entry in a database” as his individual wealth continued to soar on Tesla’s flourishing share price.

The creator of the electric cars and truck business, who is now worth a shocking $155bn, made the remarks at the Wall Street Journal CEO Council top.

The South African-born billionaire had actually been inquired about news the car manufacturer prepared to sell up to $5bn in stock weeks prior to it joins the S&P 500 financial index.

Tesla stock has actually doubled in value considering that August and has actually increased an even more 50 percent over the past 3 weeks.

The business is now worth $600bn, almost ten times that of General Motors, which dwarves it in size and earnings margin.

” What is cash? It’s just an entry in a database,” Mr Musk said in a live interview editor in chief Matt Murray.

Tesla intends on using the money raised to fund expansion strategies as it aims to eventually make 20 million cars and trucks a year, in contrast to the 500,000 it made in 2020.

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That figure would be around a 36 per cent increase on 2019 and the firm is set to have its very first full year of profitability.

Mr Musk also revealed that he was leaving California and had actually relocated to Texas, where Tesla is developing a brand-new factory and SpaceX has two rocket facilities.

And he said that the San Francisco Bay Area “has too much influence on the world.”

” I believe we’ll see some decrease in the impact of Silicon Valley,” stated Mr Musk.

He also criticised federal government policies on service and called for it to “simply get out of the way” of business owners.

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