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Billionaire Elon Musk's fortune rockets by US$570 million as Tesla tops estimates

August 9
10:08 AM 2013

The fortune of Elon Musk rocketed by US$570 million yesterday as Tesla Motor Inc. rallied to 14 percent. The rise in stock price transpired following its second quarter earnings report that beat analysts' estimates. Musk is the CEO, product architect and co-founder of the electric-car corporation that was established in 2003.

According to Bloomberg Billionaires Index, the net worth of Musk is US$7.7 billion, up more than 220 percent year-to-date. He is currently number 190 in the Forbes 400 richest people in the US as of March 2013.

Last Wednesday, Tesla Motor posted an operating profit of 20 US cents per share, together with 15 US cents associated to a leasing program. The data compiled by Bloomberg showed that the result surpassed 10 analysts' average estimate for a loss of 20 US cents. On the carmaker's operating basis, Tesla stated that it would generate money all year, even if the company expands to Europe and Asia.

Yesterday, the Palo Alto, California-headquartered corporation's shares closed at US$153.48 in New York. This resulted to Tesla's market value of US$18.2 billion. Its Model S shipments amounted to 5,150 units during the quarter, beating the corporation's target of 4,500 units.

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