Elon Musk's wealth surges by $30 billion after Tesla stock jumps on record 4th quarter deliveries
- 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.
Video: CNBC's Michael Wayland discusses whether Ford is the new growth play in EVs (CNBC)
-
A recession is pretty likely, but probably not this year, says Alan Blinder Alan Blinder, former vice chairman of the Federal Reserve, joins the 'CNBC Special: Inflation and your stocks' to discuss the macroeconomic picture and the likelihood we'll have a '70s-style recession. With CNBC's Steve Liesman.
CNBC
-
Retail earnings kick into high gear, and here are the names to shop? A look at what's on deck for retail earnings this week. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Dan Nathan, Karen Finerman and Guy Adami.
CNBC
-
Airbnb shutters its China biz CNBC's Deirdre Bosa on Airbnb's move to shut down its business in China, as tensions rise between that country and the U.S. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Dan Nathan, Karen Finerman and Guy Adami.
CNBC
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.
More From Business Insider
-
Coinbase is reportedly testing out having employees rate each other in an app with a thumbs up or thumbs down after meetings and other interactions
Business Insider
-
SpaceX's Starlink launches $135-a-month internet service for RVs
Business Insider
-
Manhattan DA's office says Trump Organization CFO Allen Weisselberg can't just blame Michael Cohen to get his criminal charges dismissed
Business Insider