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Chamath Palihapitiya expects Tesla stock to triple and Bitcoin’s price to surge five-fold, he said on CNBC’s “Halftime Report” this week.
The billionaire boss of Social Capital and Virgin Galactic chairman also blasted Facebook, trumpeted SPACs, and explained why he doesn’t expect the current market boom to end in tears.
Here are Palihapitiya’s 15 best quotes from the interview.
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Billionaire investor Chamath Palihapitiya predicted Tesla stock will double or triple and Bitcoin will soar five-fold during an interview on CNBC’s “Halftime Report” this week.
The Social Capital CEO and Virgin Galactic chairman also compared Facebook spreading disinformation to selling cigarettes, defended special-purpose acquisition vehicles (SPACs) as another way to take companies public, and argued the current market boom is fundamentally different from the bubble that preceded the 2008 financial crisis.
Here are Palihapitiya’s 15 best quotes from the interview, lightly edited and condensed for clarity:
1. “The world’s richest person should be somebody that’s fixing and figuring out climate change.” — defending Tesla CEO Elon Musk surpassing Amazon CEO Jeff Bezos in net worth this week.
2. “The big disruption that’s coming is to power utilities. There are trillions of dollars of bonds, of capital expenditure, of value sitting inside the energy-generation infrastructure of the world that is gonna go upside down. When that goes pear-shaped, Tesla will double and triple again.” — arguing that Tesla is a clean-energy company that will eventually capture a chunk of the fossil-fuel industry’s value.
3. “I don’t understand why people are so focused on selling things that work. You’re paid to stay with people who know what they’re doing, and this is a guy who has consistently been one of the most important entrepreneurs in the world, so why bet against him? It’s the same thing with Bezos, why bet against him? You get behind these people who have incredibly strong character, who know what they’re doing, who aren’t gonna bend to short-term profits, and who are just gonna drive the train for 10 or 20 years and make the world a better place.” — explaining why he doesn’t plan to sell any Tesla shares.
4. “These guys are dancing, they are in rhythm, they’re in flow. Let them do their thing, get behind them. Don’t sell a share, just let ’em create value.”
5. “It is rocket fuel for assets. Whether those are housing markets, or whether those are capital purchases like cars or vacations, or stocks in this case if we’re still under a lockdown, these things are just gonna go to the moon for a while and so you just have to be long. Everybody who’s trying to understand why you shouldn’t be long, I think is going to regret it for at least the next 18 to 24 months.” — arguing that shrinking consumer credit-card debts, ballooning savings, and a record amount of funds in money markets will drive markets higher.
6. “Building products, cars, energy systems, batteries, retail infrastructure, robots, transforming financial services to be fair …read more
Source:: Businessinsider – Finance