Elon Musk net worth surge: Tesla CEO Elon Musk started the new year on a grand note. According to reports, Musk recently added $33.8 billion to his fortune in one day, continuing the hunt for the billionaire philanthropist to become the richest person in 2022. As Elon Musk became the world’s richest man last year, he’s trying to maintain that position while beating his contenders by a greater margin. The world’s richest man added $36 billion to his fortune early last year, following an announcement that Hertz Global Holdings Inc. is ordering 100,000 electric vehicles from Tesla. It was the biggest single-day gain in the history of the Bloomberg Billionaires Index.
Musk’s luck jumped this time as Tesla announced that it had broken its previous record for deliveries of its electric vehicles. This resulted in the auto maker’s stock rising by a huge margin, making the biggest single-day jump in assets.
Tesla Inc. reported record quarterly deliveries on Sunday that far exceeded Wall Street estimates, riding on global chip shortages as it ramped up production in China.
This was the sixth consecutive quarter that the world’s most valuable automaker recorded record deliveries. Tesla shares rose 10 per cent to a one-month high in early trading on Monday. By the end of the day, Tesla shares rose to 13.5 percent, according to the report. The stock was trading at $1,199.78 that day.
Tesla, led by billionaire CEO Elon Musk, delivered 308,600 vehicles in the fourth quarter, far higher than analysts’ forecast of 263,026 vehicles.
Tesla’s October-December deliveries were up about 70 percent from a year ago and up about 30 percent from last quarter’s record deliveries.
The jump in Tesla shares on Monday also affected the net worth of its owner, celebrity CEO Elon Musk. Musk’s net worth rose by $33.8 billion on Monday to $304.2 billion, according to the Bloomberg Billionaires Index. This was far ahead of Jeff Bezos, the second richest person in the world. The moment the Amazon founder was worth $ 196 billion, was not close to Musk in terms of wealth.
Tesla shares tumbled last November and early December after hitting its record highs of touching a $1 trillion market cap. It was triggered by Musk’s move to sell his shares when he announced that he would reduce his stake in the company to 10 percent. Currently, the Tesla CEO holds an 18 percent stake in the company.
On December 3 last year, Elon Musk sold 934,091 shares of the electric vehicle manufacturing company. Shares worth $1.01 billion were sold to meet its tax obligations in connection with the exercise of options to hold 2.15 million shares.
Since November 8, the CEO of Tesla, which also owns SpaceX, has sold shares worth $16.4 billion. This equates to a total of 10.1 million shares. On December 29, Reuters reported that Musk had exercised all of his options expiring this year, prompting a sell-off of his stock that caused the stock price of the world’s most valuable carmaker to fall.
Before his stock selling spree, Musk had at one point in 2021 peaked at a net worth of $340 billion. This was more than the entire GDP of Pakistan.
Tesla shares lost nearly a quarter of their value in November after Musk asked his Twitter followers if he should sell his 10 percent stake. He hit back again in December when he said he was almost done with the stock sale, though shares are still down from a record high of $1,229.91 in November.
(with Reuters inputs)
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