Connect with us

Hi, what are you looking for?

TOP news

Elon Musk’s wealth surges by $30 billion after Tesla stock jumps on record 4th quarter deliveries

Elon Musk.

Win McNamee/Getty Images

  • Elon Musk’s wealth grew by $30 billion Monday after Tesla posted “jaw-dropping” deliveries in the fourth quarter. 
  • The Tesla CEO’s fortune now stands at $304 billion, far above Amazon founder Jeff Bezos’ net worth of $196 billion.
  • The rise in his wealth came as Tesla’s stock jumped 13.5%, adding $144 billion to its market value.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Elon Musk got off to a great start in 2022, adding about $30 billion to his fortune in just a single day.

The Tesla CEO’s wealth rose after the electric-car maker reported a record number of vehicle deliveries in the fourth quarter of 2021. Its stock climbed to close 13.5% higher at $1,199.78 a share Monday, adding $144 billion to its market value.

The EV-maker delivered 308,600 vehicles in the quarter, smashing Wall Street analyst estimates for 267,000, while annual vehicle deliveries rose 87% on last year.

Wedbush Securities described it as a “jaw-dropping” performance, given a chip shortage and other logistical issues were big hurdles for the automobile industry last year. Tesla’s EV-demand trajectory looks robust for the remainder of 2022, Wedbush said.

Musk, already seen as the world’s richest person, built on his lead by adding $33.8 billion to his fortune from Tesla’s gain. His total net worth now stands at $304 billion, according to the Bloomberg Billionaires Index. He far outstrips Jeff Bezos, the second-wealthiest billionaire, who has a net worth of $196 billion.

Tesla first hit a $1 trillion valuation in October, after car-rental company Hertz said it would order 100,000 Model 3 vehicles. That helped boost Musk’s fortune, which includes his stake in aerospace manufacturer SpaceX, to its highest level ever of $340 billion.

But Tesla’s value took a hit in November, soon after Musk shared that he planned to sell 10% of his stake in the company, which pulled Musk’s wealth lower. The company’s worth rebounded above $1 trillion again in December.

Musk has sold Tesla shares worth about $16 billion since early November, as part of a plan to pay taxes on options expiring in August this year. At the same time, he’s actually boosted his stake in the company by exercising 22.9 million options at $6.24 per share. 

When his net worth hit $340 billion, Musk briefly surpassed Standard Oil founder John Rockefeller as the richest person in modern history, after taking inflation into account.

Tesla last traded 0.3% lower in Tuesday’s premarket session at $1,195.64 per share.

Read More: Amateur traders, Reddit apes, and meme lords trounced Wall Street for 2 years. But in 2022… the big shots are going to strike back.

You May Also Like

TOP news

Paul Sancya/AP On June 2, Delta will become the first US airline to pay its flight attendants for boarding time. Previously, flight attendants were...


Adeline van Houtte is the Economist Intelligence Unit’s lead analyst on Russia. It looks like Russia is at it again, after the unusual movement...


The EU should play an active role in the upcoming U.S.-Russia talks over security concerns around Ukraine, the bloc’s top diplomat told German media...

Health Care

Former President Donald Trump confirmed he had gotten a booster during a live show with Bill O’Reilly in Dallas on Sunday.

Сentral Tribune - Politic News