Morgan Freeman, the renowned actor, has seen a significant surge in the value of his Tesla investment since 2016. The investment, made during a time of considerable growth for the electric vehicle (EV) company, has yielded substantial returns under the leadership of CEO Elon Musk.
Background on the Investment
In a 2016 interview, Freeman expressed his admiration for Elon Musk and his innovative ideas, stating, “I own Tesla. I’m a huge fan of Elon Musk’s and I think he’s got the most incredibly forward-thinking ideas about where we can go technologically.” Freeman’s praise for Musk also extended to his achievements with SpaceX, noting the remarkable feat of landing a reusable rocket ship.
Elon Musk’s Achievements and Vision
Freeman’s comments highlighted Musk’s ambitions, including his plans for sending people to Mars using SpaceX rockets. The actor’s enthusiasm for Musk’s vision was evident, as he described the potential for settling Mars and the significance of reusable rockets in achieving this goal.
Investment Performance
Although the exact amount of Freeman’s investment is unknown, the value of Tesla stock has increased dramatically since 2016. On September 6, 2016, the stock closed at $13.52, adjusted for corporate actions. By the end of 2024, the stock had surged to $406.58, representing a 30-fold increase in value. Over the past five years, Tesla’s stock has risen by over 800%.
Tesla’s Financial Growth
The company’s financial performance has also seen significant growth. In 2016, Tesla reported annual revenue of $7 billion, which ballooned to $96.77 billion by 2023. The company achieved its first full-year profit in 2020 and reported non-GAAP earnings per share of $3.12 in 2023.
Upcoming Financial Results
Tesla is scheduled to release its full-year 2024 financial results, providing further insight into the company’s performance under Musk’s leadership.
Conclusion
Morgan Freeman’s 2016 investment in Tesla has yielded substantial returns, with the stock’s value increasing 30-fold. As Tesla continues to grow and innovate under Elon Musk’s guidance, investors and fans alike will be watching the company’s progress with great interest.