Topline
Elon Musk’s net worth has jumped about $10 billion Tuesday as Tesla’s shares rose again, after the electric vehicle maker reported delivery figures that exceeded analyst expectations.
The electric vehicle maker’s market cap has increased by over $150 billion during its rally.
Key Facts
Tesla shares jumped to just under $229 as of around 11:30 a.m., adding to the company’s nearly 25% rally since the stock price fell below $183 on June 24.
The value of Musk’s roughly 12% stake in the company increased to $160 billion from about $150 billion when the market closed trading Monday, while the weeklong rally has added about $30 billion.
Tesla delivered nearly 444,000 vehicles through its second quarter this year, a 14.8% increase over the previous quarter despite a 4.8% drop year-over-year, the company announced, slightly surpassing analyst estimates of about 439,000 deliveries, according to FactSet.
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Forbes Valuation
Musk is the richest person in the world with an estimated net worth of $238.6 billion, following a 4% increase Tuesday.
Key Background
Tesla’s shares plunged through the first half of 2024, falling below $140 in April after peaking at over $250 as trading opened this year. The stock fell after Tesla reported a 48% decline in first-quarter profits and a 9% drop in revenue, though it has increased intermittently after the company announced price cuts to some of its vehicles. Tesla later reported delivering 70,000 fewer vehicles than expected, the company’s first negative quarterly delivery growth in four years. Several factors have affected vehicle deliveries this year, including supply chain issues and an arson attack at the company’s factory in Berlin, Tesla said. The company also faces increased competition from the Chinese automaker BYD, which sold 426,000 electric vehicles through its second quarter.