Elon Musk, the world’s second-richest billionaire, has experienced the largest wealth increase this year despite intense investor pressure to buy Tesla stock.
His net worth has increased by a whopping $45 billion between January and now.
With a net worth of $182 billion, Mr. Musk’s net worth is now close to that of Bernard Arnault ($187 billion) who is currently the world’s richest man.
Tesla’s share rise: The share price of the electric vehicle manufacturer has risen by 65% to $201.29 since January. Tesla’s increase in value, along with the overall market’s upward trend, came in with stronger-than-anticipated fourth-quarter earnings, and other events that the market saw as favorable portents of future performance.
Investors are placing a lot of money on the stock since data indicates that the company is doing well despite heightened geopolitical uncertainty. The company’s Q4 results, which were released on Jan. 25 by the company, served as the most favourable valuation trigger.
Tesla’s financial report: The EV manufacturer reported non-GAAP (adjusted) earnings per share of $1.19 on revenue of $24.32 billion, compared to the consensus analyst expectation of $1.13 on $24.16 billion in sales.
The stock received a new boost of positive momentum from the top and bottom-line beats, but there were other drivers of performance in the previous month