Apple’s Tim Cook Had “Snubbed” Apple’s Takeover Deal Of Tesla, Says Elon Musk

Back in 2017, when the Apple attempted to buy the United States based electric car maker Tesla, the efforts were snubbed by the iPhone maker’s chief executive Tim Cook, said Tesla founder and chief executive Elon Musk.

During the “darkest days” of his company he had reached out to the Apple boss, Musk tweeted on Tuesday.

At that time the market value of Tesla was $60bn. Now that value of the has grown by more than 10 times that value about four years ago.

Tesla was undergoing a great financial trouble while it was in the process of development of and building of its Model 3 electric car at that time and as a consequence of the financial troubles Musk had planned to discuss the possibility of the acquisition of Tesla by Apple, Musk said in the tweet.

Tesla’s factory faced a period of “production hell”, the billionaire entrepreneur had told his employees during that cash crisis that was being faced by the company in 2017. Back then, he had tweeted about him sleeping on the roof of the factory as he attempted to fix the production issues that the company was facing then, Musk had said weeks after he called the factory a “production hell”.

However since then, most of the issues of production have been overcome by Tesla and has surprised investors, experts and analysts by reporting a slew of quarterly profits in recent years.

Earlier this week, the electric car maker also got the honour of becoming the most valuable companies to join the S&P 500 index

According to many past reports, Apple also harbours its own ambitions to develop an electric car of its own and a number of ex-Tesla executives have been hired as a consequence, in addition to acquiring and taking up stakes in a number of companies that are specialists in development of self driving vehicle technologies.

According to analysts, Musk had potentially been prompted to  tweet about his apparent approach to Mr Cook in 2017 because of recent reports of Apple currently working on development of a driverless car itself.

“He refused to take the meeting”, Musk replied in a Twitter chain when he was suggested about the reports that Apple was targeting to make its won passenger vehicle by 2024 with a new battery technology.

Since the beginning of 2017, share price of both Apple and Tesla have surged significantly.

In comparison to Apple, the fain of tesla in terms of its share price and market value has been more during that period as the company’s stocks have risen by about 1,400 per cent. However despite this meteoric rise, the market value of Tesla is still only about one third that of Apple.

(Adapted from BBC.com)

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