Elon Musk is $26 billion richer after Tesla's best day on the stock market since 2013

  • 📰 NBCLA
  • ⏱ Reading Time:
  • 57 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 59%

News News

Business Business Latest News,Business Business Headlines

Tesla shares soared 22% on Thursday, lifting the world’s richest person’s net worth by roughly $26 billion.

Musk is now worth almost $270 billion, according to Forbes, putting him about $58 billion ahead of his good friend and former Tesla board member Larry Ellison.

Prior to the earnings announcement, Tesla shares had been slumping and were headed for their worst month since January. But the stock erased its loss for the year and is now up 5% in 2024, compared to the Nasdaq's 23% gain.Tesla reported earnings per share of 72 cents, topping the average analyst estimate of 58 cents. Profit was boosted by $739 million in revenue for environmental regulatory credits and $326 million in revenue from FSD, the company's Full Self-Driving Supervised system.

And while Musk unveiled both a heavy-duty Semi truck and a Roadster refresh in 2017, the Roadster design is still not finalized, and the company is only in"pilot production" with the Semi.shortly after the first assassination attempt on the former president in July, Musk has stepped up his rhetoric, most notably on X, and has contributed tens of millions of dollars to a political action committee that's supporting the Republican nominee.

The U.S. Department of Justice has warned the PAC that Musk's voter sweepstakes may violate federal election law, a source familiar with the matter

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 319. in BUSİNESS

Business Business Latest News, Business Business Headlines