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

view original post
Elon Musk.

  • 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.