Tesla shares rose more than two percent Friday after [CEO Elon Musk tweeted](https://twitter.com/elonmusk/status/984705630106673152) that the electric carmaker does not need more capital because it will turn a profit by the end of the year.
Not all investors bought Musk’s ambitious projections. “I think that’s a stretch,” said Gene Munster, the managing partner of Loup Ventures. He said in an interview with Cheddar that it would take Tesla “11 quarters” to reach profitability.
Munster compared Musk’s optimism with Apple’s Steve Jobs. “Jobs had this reality distortion field where he truly believed that things that were not happening could happen, and I think Elon Musk, for better or worse, has some of those same symptoms,” Munster said.
Tesla’s profitability likely depends on sales of the mass-market Model 3 sedan, but production of the car has been slower than expected.
Musk projected last December that the company could produce 20,000 Model 3 vehicles a month. But the company only managed to make 1,000 cars a week that month.
Supply bottlenecks for some parts has limited production, which barely reached 2,000 vehicles a week last quarter. Musk took charge of production management himself last week in an effort to ramp up production.
Munster said Tesla will eventually get to the 20,000 mark. “That’s not in the reality distortion field conversation,” he said. But Model 3 production delays are already a drag on the company’s stock.
Goldman Sachs this week lowered Tesla’s share price target from $205 to $195, citing difficulties with the Model 3.
For full interview, [click here](https://cheddar.com/videos/markets-recover-at-weeks-end).
With Donald Trump due on the witness stand next week, testimony from his adult sons in his civil business fraud trial wrapped up Friday with Eric Trump saying he relied completely on accountants and lawyers to assure the accuracy of financial documents key to the case.
DraftKings reported better-than-expected revenue in the third quarter.
Wallet Hub released a list of the 10 states with the highest median monthly student loan payments.
Oil and gas giant BP will purchase electric vehicle chargers from Tesla for $100 million.
Reports say olive oil prices have jumped 75% since January of 2021.
The big three car companies for GM and Stellantis have agreed to pay striking workers as they spend time on the picket line, according to The Wall Street Journal.
Elon Musk is making a big prediction about artificial intelligence and the jobs market.
Open enrollment season is here and the stress of picking the right plan for you could sometimes get overwhelming. Rosalyn Glenn, financial advisor with Prudential, joined Cheddar News to discuss what to know and understand about selecting your benefits to cover your medical needs and conditions, if any.
Learning about money is a skill that should be learned at an early age. OneMain Financial is now offering a financial course called 'Credit Worthy' across several high schools across the country, along with some scholarships. Doug Shulman, CEO of OneMain Financial, joined Cheddar News to discuss the importance of learning and understanding credit. "Over half of high school students graduate without knowing the basics about credit," Schulman said. "It really helps establish a great foundation to being an independent adult, to have a healthy and happy life, and some financial security is part of that."
Mariah Carey is facing a second lawsuit claiming copyright infringement over her song, "All I Want For Christmas is You."
