In addition to his links to the two firms, Musk is known for his outspoken social media presence which tends to polarise followers.
His latest move – satin-red short shorts with ‘S3XY’ stamped on the rear – appears to certainly be one of the most tongue-in-cheek.
And in a nod to well-established but admittedly low-brow internet humour, the shorts are priced at $69.420.
Both Tesla and its CEO have amassed a fan base as loyal and active as their detractors. As such, demand for the shorts was so high that the host website crashed shortly after the announcement.
It’s back up now, though, so viewers who are genuinely inclined to buy a pair can visit Tesla’s online shop to see for themselves. The shorts come in five sizes from XS to XL.
On Tesla’s shop, the item description promises to allow wearers to “run like the wind” or “entertain like Liberace” – a reference to the extravagant American pianist and performer.
Elon Musk polarises social media followers with his vocal opinions and bizarre posts.
The site continues: “Relax poolside or lounge indoors year-round with our limited-edition Tesla Short Shorts, featuring our signature Tesla logo in front with “S3XY” across the back. Enjoy exceptional comfort from the closing bell.”
The downside, apart from the price and questionable fashion statement, is the shipping time.
Whether due to high demand or reasons to do with production, the shorts could take up to a month to ship, from now.
But this gimmick aside, Tesla has made genuine progress in recent weeks in terms of its market value.
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Bizarre announcements aside, Tesla’s market value has soared in recent weeks.
The US-based electric vehicle brand last week surged past rival automaker Toyota to become the most valuable carmaker in the world.
On July 1 Tesla surpassed Toyota’s market capitalisation and its shares closed at $1,119.63 USD, giving it a market cap of $207.6 billion.
Toyota’s shares, on the other hand, closed at $124.14 USD with a market cap of $171.7 billion.
Tesla has, since then, risen even further in value day by day. Shares closed yesterday at $1,371.58, with a market cap of over $254 billion.
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Tesla said it delivered over 90,000 cars in its Q2 production statement.
Toyota’s value has risen slightly too, but not with the nearly the same velocity. Its market cap currently sits at $175.4 billion.
Tesla’s high value has led some analysts to voice concerns that it is what’s known as a stock market ‘bubble’.
A stock market bubble occurs when prices escalate rapidly regardless of the fundamental assets of the company to which the stocks belong.
This can be fuelled by speculate demand which fuels inflated prices, rather than what the company is worth in terms of what it owns or produces.
It’s debatable whether Tesla has ever made an annual profit, though it has recently started making quarterly ones.
Indeed, the company has never officially turned an annual profit – though by some accounts it finished 2019 with a very narrow one depending on the accounting method one uses, CNN reported in January.
Indeed, the company did post back-to-back quarterly profits in that year, and its huge amount of investment in production – notably its battery ‘gigafactories’ in Germany and China – will have emboldened investors.
Last week Tesla said it delivered a total of 90,650 in its Q2 2020 vehicle production and deliveries statement.