2024-10-25 00:10:03
The world’s richest person got much richer Thursday as Tesla CEO Elon Musk enjoyed a major rally for Tesla stock after the electric vehicle company’s latest earnings report encouraged Wall Street.
Tesla CEO Elon Musk, center, is more than $50 billion richer than anybody else.
AFP via Getty ImagesTesla’s share price spiked more than 20% by midafternoonThursday, holding the massive off hours trading surge.
That came as investors reacted positively to the big third-quarter profit beat, the most cash generation in eight quarters and several encouraging tidbits shared by Musk on the accompanying analyst conference call, such as a prediction for up to 30% vehicle delivery growth in 2025, reversing this year’s 2% year-over-year delivery decline through the first three quarters.
The earnings report “reminds us growing the auto business profitably remains a high priority for Tesla,” wrote Morgan Stanley analyst Adam Jonas, alluding to prior concerns about Tesla’s shrinking profit margins as it emphasizes self-driving car initiatives.
The rally added $24 billion to the fortune of Tesla’s largest shareholder Musk, whose lead as the wealthiest person alive grew to more than $55 billion, according to our calculations.
Thursday is on pace to be Tesla stock’s best day since May 9, 2013.
Despite the overwhelmingly positive stock reaction, this wouldn’t be a Tesla event if it wasn’t polarizing. Bernstein analyst Toni Sacconaghi slammed Wednesday’s earnings call as “more akin to a pep rally” than a typical meeting, noting the company took an unusually light two questions from sell-side analysts covering the stock.
$140 billion. That’s about how much market capitalization Tesla added Thursday. The rally turned the stock’s year-to-date performance from a 14% loss through Wednesday to an almost% gain.
Musk reportedly received a letter from the Justice Department warning his pro-Donald Trump political action committee may be breaking federal law by awarding $1 million to certain swing state voters, as Musk becomes one of the biggest political donors this election cycle with his backing of the GOP candidate Trump.
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