Elon Musk | Photo: Bloomberg
Tesla CEO Elon Musk says he once considered selling the electric car maker to Apple, but the iPhone maker's CEO blew off the meeting.
In a tweet Tuesday, Musk said he reached out to Apple CEO Tim Cook to discuss the possibility of Apple acquiring Tesla (for one-tenth of our current value).
He refused to take the meeting. Tesla's market value is USD 616 billion, as of the close of trading Tuesday. One-tenth of that is USD 61.6 billion.
Musk said he sought out the meeting with Cook during the darkest days of the Model 3 program, a reference to Tesla's first electric car designed for the mass market.
As recently as 2018, Tesla was struggling to meet its vehicle production goals and turn a profit.
Tesla's fortunes have changed since then. The automaker is finally making money on a consistent basis after years of losses and continues to hit milestones for deliveries of its vehicles.
Its shares have soared 665 per cent this year alone, making it the world's most valuable automaker and among the top 10 biggest US companies in the S&P 500 index, which Tesla entered on Monday.
Musk's tweet followed published reports suggesting Apple is working on developing its own electric cars. Apple declined to comment.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.