It’s well documented that the rocketing price of Tesla shares have added billions onto Elon Musk’s seemingly ever-increasing wealth.
But, it turns out that the rapid rise in value of the electric car company has created its own community of millionaires, who have dubbed themselves as Telsanaires. No, seriously.
During 2020, Tesla has become the most valuable car company in the world, with shares rising by more than 700% in the past 12 months alone.
One Teslanaire is Jason DeBolt, who first purchased 2,500 shares of the electric car company back in 2013 for $19,000. He made the investment after purchasing a Tesla Model S and going on a factory tour.
He has since grown the number of Tesla shares he owns to 15,000, which are now worth around $10 million.
Speaking of the ‘rollercoaster’ it had been to own shares in the company, DeBolt told the BBC:
It was very difficult seeing the media attack Elon and Tesla. That was worse for me than the share price decline, which I knew would eventually bounce back.
Another Teslanaire is Scott Tisdale, who also invested in the company in 2013 after purchasing the Model S. He now owns 4,000 shares, which have grown to be worth an estimated $2.8 million.
‘I am not finished investing in them yet because I think their real story is just about to begin, and people have been saying the stock is ‘overvalued’ since before the time I began to buy it,’ Tisdale explained.
‘As amazing as it is to be included in this growing group of Teslanaires, it is almost as satisfying to be able to tell all the naysayers, ‘I told you so’.’
However, the value of the electric car company has been met with controversy, with many people claiming the shares have been overvalued.
Tesla first went public with a value of $17 per share in June 2010; a figure that has since risen by more than $650. But according to financial analysts JPMorgan, in reality, the shares are worth much less.
‘Tesla shares are in our view and by virtually every conventional metric not only overvalued, but dramatically so,’ the company wrote.
Will Rhind, chief executive at investment firm GraniteShares, said:
Tesla is a very polarising stock. It has its fans, many of whom do own Tesla cars, and its fair share of critics, particularly in the financial community, who say the company’s shares are overvalued.
Investors that bought shares early on, have done very well and some are now millionaires as a result.
With a huge rise in demand for electric vehicles, the shares look set to grow, meaning the community of Teslanaires is likely to get bigger and bigger.
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