

Investor's Corner
Tesla’s Elon Musk responds to claims that he doesn’t pay income taxes
Tesla’s Elon Musk responded to claims that he doesn’t pay income taxes, along with several other wealthy CEOs, in a report from ProPublica earlier this week. The report, which showed the wealth increases of several of the world’s richest people, including Musk, Jeff Bezos, Warren Buffett, and Michael Bloomberg, along with their tax rates, claimed that these CEOs are not paying their fair share in taxes.
Interestingly, Musk’s wealth, which has been supplemented by Tesla’s meteoric rise in stock price over the past year, and not by a paid salary from his employer, is being accounted for as his “increase in wealth.” However, Musk hasn’t accepted a salary from Tesla, and his stock isn’t taxable unless he sells it due to the Capital Gains Tax.
Regarding his salary that he is legally required to collect, Musk told the New York Times:
“I don’t cash it. It just ends up accumulating in a Tesla bank account somewhere.”
Today, Musk added some more color to the entire subject, shedding more light on his situation that seems to be misconstrued and misunderstood by many of those who are reporting that he, along with other CEOs, is avoiding his income tax payments. First, it is important to note that Musk does receive performance-based incentives that were outlined in his contract. Known as tranches, Musk only collects these when Tesla reaches thresholds for deliveries, profitability, or another metric that proves the CEO is assisting or is complimenting the company’s growth. These are paid in stock options.
Exactly. Only time I sell Tesla stock is when my stock options are expiring & I have no choice.
Btw, I will continue to pay income taxes in California proportionate to my time in state, which is & will be significant.
— Elon Musk (@elonmusk) June 9, 2021
Musk also said:
Yeah, sold my houses, except for 1 in Bay Area that’s rented out for events.
Working on sustainable energy for Earth with Tesla & protecting future of consciousness by making life multiplanetary with SpaceX. Also, AI risk mitigation with Neuralink & fixing traffic with Boring.
— Elon Musk (@elonmusk) June 9, 2021
It should be noted that taxes are only paid on realized gains, which cannot be attributed to increases in stock ownership. If this were the case, Musk would be forced to sell many of his shares to cover the taxes he would be required to pay. However, this would be detrimental, not only to Tesla stock but to basically any large companies’ stock, as CEOs would forfeit their majority ownership stakes to cover lofty tax rates. Furthermore, most of the wealth these CEOs have is in the stock they own and is not sitting in a lump sum of cash in their bank accounts. Unfortunately, these stories continue to be circulated through the media. Many people do not do their own due diligence to find out the real reasons why CEOs aren’t cutting substantial tax payment checks to the IRS.
In short, taxes are based on income and not wealth. This is why Musk and other wealthy CEOs are not paying tens of millions or even billions of dollars in taxes every year.
Investor's Corner
Cantor Fitzgerald reaffirms bullish view on Tesla after record Q3 deliveries
The firm reiterated its Overweight rating and $355 price target.

Cantor Fitzgerald is maintaining its bullish outlook on Tesla (NASDAQ:TSLA) following the company’s record-breaking third quarter of 2025.
The firm reiterated its Overweight rating and $355 price target, citing strong delivery results driven by a rush of consumer purchases ahead of the end of the federal tax credit on September 30.
On Tesla’s vehicle deliveries in Q3 2025
During the third quarter of 2025, Tesla delivered a total of 497,099 vehicles, significantly beating analyst expectations of 443,079 vehicles. As per Cantor Fitzgerald, this was likely affected by customers rushing at the end of Q3 to purchase an EV due to the end of the federal tax credit, as noted in an Investing.com report.
“On 10/2, TSLA pre-announced that it delivered 497,099 vehicles in 3Q25 (its highest quarterly delivery in company history), significantly above Company consensus of 443,079, and above 384,122 in 2Q25. This was due primarily to a ‘push forward effect’ from consumers who rushed to purchase or lease EVs ahead of the $7,500 EV tax credit expiring on 9/30,” the firm wrote in its note.
A bright spot in Tesla Energy
Cantor Fitzgerald also highlighted that while Tesla’s full-year production and deliveries would likely fall short of 2024’s 1.8 million total, Tesla’s energy storage business remains a bright spot in the company’s results.
“Tesla also announced that it had deployed 12.5 GWh of energy storage products in 3Q25, its highest in company history vs. our estimate/Visible Alpha consensus of 11.5/10.9 GWh (and vs. ~6.9 GWh in 3Q24). Tesla’s Energy Storage has now deployed more products YTD than all of last year, which is encouraging. We expect Energy Storage revenue to surpass $12B this year, and to account for ~15% of total revenue,” the firm stated.
Tesla’s strong Q3 results have helped lift its market capitalization to $1.47 trillion as of writing. The company also teased a new product reveal on X set for October 7, which the firm stated could serve as another near-term catalyst.
Investor's Corner
Tesla just got a weird price target boost from a notable bear

Tesla stock (NASDAQ: TSLA) just got a weird price target boost from a notable bear just a day after it announced its strongest quarter in terms of vehicle deliveries and energy deployments.
JPMorgan raised its price target on Tesla shares from $115 to $150. It maintained its ‘Underweight’ rating on the stock.
Despite Tesla reporting 497,099 deliveries, about 12 percent above the 443,000 anticipated from the consensus, JPMorgan is still skeptical that the company can keep up its momentum, stating most of its Q3 strength came from leaning on the removal of the $7,500 EV tax credit, which expired on September 30.
Tesla hits record vehicle deliveries and energy deployments in Q3 2025
The firm said Tesla benefited from a “temporary stronger-than-expected industry-wide pull-forward” as the tax credit expired. It is no secret that consumers flocked to the company this past quarter to take advantage of the credit.
The bump will need to be solidified as the start of a continuing trend of strong vehicle deliveries, the firm said in a note to investors. Analysts said that one quarter of strength was “too soon to declare Tesla as having sustainably returned to growth in its core business.”
JPMorgan does not anticipate Tesla having strong showings with vehicle deliveries after Q4.
There are two distinct things that stick out with this note: the first is the lack of recognition of other parts of Tesla’s business, and the confusion that surrounds future quarters.
JPMorgan did not identify Tesla’s strength in autonomy, energy storage, or robotics, with autonomy and robotics being the main focuses of the company’s future. Tesla’s Full Self-Driving and Robotaxi efforts are incredibly relevant and drive more impact moving forward than vehicle deliveries.
Additionally, the confusion surrounding future delivery numbers in quarters past Q3 is evident.
Will Tesla thrive without the EV tax credit? Five reasons why they might
Tesla will receive some assistance from deliveries of vehicles that will reach customers in Q4, but will still qualify for the credit under the IRS’s revised rules. It will also likely introduce an affordable model this quarter, which should have a drastic impact on deliveries depending on pricing.
Tesla shares are trading at $422.40 at 2:35 p.m. on the East Coast.
Investor's Corner
Tesla Q3 deliveries expected to exceed 440k as Benchmark holds $475 target
Tesla stock ended the third quarter at $444.72 per share, giving the EV maker a market cap of $1.479 trillion at the end of Q3 2025.

Benchmark has reiterated its “Buy” rating and $475 price target on Tesla stock (NASDAQ: TSLA) as the company prepares to report its third-quarter vehicle deliveries in the coming days.
Tesla stock ended the third quarter at $444.72 per share, giving the EV maker a market cap of $1.479 trillion at the end of Q3 2025.
Benchmark’s estimates
Benchmark analyst Mickey Legg noted that he expects Tesla’s deliveries to hit around 442,000 vehicles this Q3, which is under the 448,000-unit consensus but still well above the 384,000 vehicles that the company reported in Q2 2025. According to the analyst, some optimistic estimates for Tesla’s Q3 deliveries are as high as mid-460,000s.
“Tesla is expected to report 3Q25 global production and deliveries on Thursday. We model 442,000 deliveries versus ~448,000 for FactSet consensus with some high-side calls in the mid-460,000s. A solid sequential uptick off 2Q25’s ~384,000, a measured setup into year-end given a choppy incentive/pricing backdrop,” the analyst wrote.
Benchmark is not the only firm that holds an optimistic outlook on Tesla’s Q3 results. Deutsche Bank raised its own delivery forecast to 461,500, while Piper Sandler lifted its price target to $500 following a visit to China to assess market conditions. Cantor Fitzgerald also reiterated an “Overweight” rating and $355 price target for TSLA stock.
Stock momentum meets competitive headwinds
Tesla’s anticipated Q3 results are boosted in part by the impending expiration of the federal EV tax credit in the United States, which analysts believe has encouraged buyers to finalize vehicle purchases sooner, as noted in an Investing.com report.
Tesla shares have surged nearly 30% in September, raising expectations for a strong delivery report. Benchmark warned, however, that some volatility may emerge in the coming quarter.
“With the stock up sharply into the print (roughly ~28-32% in September), its positioning raises the bar for an upside surprise to translate into further near-term strength; we also see risk of volatility if regional mix or ASPs underwhelm. We continue to anticipate policy-driven choppiness after 3Q as certain EV incentives/credits tighten or roll off in select markets, potentially creating 4Q demand air pockets and order-book lumpiness,” the analyst wrote.
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