Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk has reiterated something Warren Buffett said, which is that dealing with the stock markets is like dealing with a "manic depressive." Musk said that people want to read every minute detail even though there is very little information to draw any conclusion. And then they get excited and then depressed. He said that Warren Buffett summed up the markets quite aptly.
"I try to avoid watching the day-to-day share price, because it's somewhat distracting," he told CNBC.
Tesla shares up overall with little bumps
Tesla Motors Inc (NASDAQ:TSLA) shares surged by as much as 344% in 2013 following the announcement of the company’s plan to increase the number of battery packs that are produced. The Model S was also applauded throughout the past year and got some of the best reviews for its efficiency.
Earlier this year, Tesla Motors Inc (NASDAQ:TSLA) shares were hit when they dropped as part of a huge sell-off in momentum stocks after investors became skeptical on their valuations. The stock dropped by as much as 18% from the highs in early March but remains up by 38% this year, trading around $208.
Recently in an interview with the BBC, Musk said that he was expecting that an electric car company would face a downturn during the economic recession, but that did not stop him from investing large amounts into the business. Musk also said that he likes to work on technology that will leave a positive effect on the world.
Musk’s tryst with technology isn’t going to stop here, as the billionaire is looking forward to building cars that can swim and fly. The Tesla Motors Inc (NASDAQ:TSLA) CEO said he's thinking about how to integrate these features. He said that Tesla can make such a car, but that is not the hard part. The difficult part is to make a flying car that is super safe and super quiet because people will be annoyed if a flying car makes noise.
Musk also said that Tesla Motors Inc (NASDAQ:TSLA) will move towards making a car that can transform into a submarine when required and drives up on the beach. He said that only two or three units will be made, as the market for submarine cars is (unsurprisingly) very small.