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Tesla’s surge to record highs catapults Elon Musk’s net worth to $250 billion

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Tesla's surge to record highs catapults Elon Musk's net worth to $250 billion

Tesla’s stock price hit a record high on Friday and continued to rise after the electric car manufacturer announced another quarter of record sales and profits. Tesla’s share price rose 2% to reach a high of $910 per share, surpassing the previous high of $900.40 set in January, and the company’s valuation jumped to more than $900 billion for the first time.

On Wednesday, Tesla announced third-quarter earnings that exceeded analysts’ expectations and disclosed the company’s record profits and sales, even in the face of continued supply chain constraints due to lack of semiconductors.

Higher Tesla shares helped Elon Musk’s net worth on Friday reach approximately $250 billion. At the beginning of this year, Musk held a 22.4% stake in Tesla, which is currently valued at approximately US$200.1 billion. Most of Musk’s remaining wealth comes from SpaceX, which was recently valued at $100 billion and is the world’s second most valuable private company, second only to TikTok’s parent company Bytedance.

It is estimated that Musk owns about 48% of SpaceX, provided that the space exploration company’s recent rounds of financing did not dilute his shares. As Musk acquires more Tesla shares related to his carefully crafted compensation plan, his net worth may climb higher, allowing him to choose based on specific profit, revenue, and market valuation milestones.

News source: Business Insider India

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