Tesla stock performs best since 2013, Elon Musk makes $26 billion | Real Time Headlines

Tesla CEO MuskAlready the world’s richest man, he added another $26 billion to his paper fortune on Thursday after shares in his company rose. largest gathering Since 2013.

According to data, Musk is currently worth approximately US$269 billion. Forbesmaking him more than $50 billion richer than his close friend and former Tesla board member Larry Ellisonstill the largest shareholder Oracle.

Musk controls nearly 13% of Tesla’s outstanding shares, the majority of his net worth, but he also owns a large stake in SpaceX, which is valued on the private market at more than $200 billion. In addition, he is also the controlling shareholder of X (formerly Twitter) and artificial intelligence startup xAI.

Musk’s wealth could be even higher, depending on how events play out shareholder litigation and surrounding his 2018 pay package, which is pending in court.

Tesla gains on Thursday after better-than-expected profit Report Musk commented on a conference call Wednesday night that “automotive growth” will reach 20% to 30% next year. Tesla shares closed soaring 22%, the company’s second-largest gain since its IPO in 2010.

Tesla shares had been falling ahead of the earnings report and were on track for their worst month since January. But the stock has erased this year’s losses and is now up 5% in 2024, compared with the Nasdaq’s 23% gain.

Tesla reported earnings of 72 cents per share, above analysts’ average estimate of 58 cents. Environmental supervision credit revenue of US$739 million, and the company’s fully autonomous driving supervision system FSD revenue of US$326 million, both drove profit growth.

Musk spent much of the earnings call touting his promised Tesla self-driving future, including a ride-hailing service that he said would be available to the public in Texas and California as early as next year. Two weeks ago, Tesla held its long-awaited press conference Robotaxi eventdemonstrating its Cybercab concept.

However, although alphabetical Waymo has been offering commercial self-driving services to the public since June, but Tesla has been unable to meet expectations in bringing the product to market. The company still doesn’t make or sell safe-to-use cars that don’t require a human driver and are ready to steer or brake at any time.

Although Musk launched a heavy-duty Semi truck and an updated version of the Roadster in 2017, the design of the Roadster has not yet been finalized, and the company is only in the “trial production” stage of the Semi.

One topic Musk didn’t talk about during Wednesday’s conference call was the massive spending on his campaign and endorsements Donald Trump.

since Publicly support Trump Shortly after the first assassination attempt on the former president in July, Musk stepped up his rhetoric, particularly on X, and donated tens of millions of dollars to political action committees supporting the Republican nominee.

Musk has been campaigning in the key swing state of Pennsylvania, which he has called “key” to the election. Over the weekend he said he would Randomly reward $1 million It was a day for registered voters who signed pro-Trump political action committee petitions in an effort to get his supporters in battleground states to the polls.

U.S. Justice Department warns PAC that Musk’s voter sweepstakes could violate federal election laws, people familiar with the matter say told NBC News Wednesday.

Ahead of the earnings call, many investors question About Musk’s political activities.

“Musk has a right to express his political views, but his public activism appears to be inconsistent with his desire to protect shareholder value as CEO,” one anonymous retail investor wrote on a forum Tesla uses to solicit investor questions. Responsibilities Conflicted “How does Tesla solve this problem? Can it confirm that Musk’s actions won’t harm sales or growth? “

Prior to the call, the comment had received 168 votes in favor. Another question that received 527 votes was whether Tesla’s board was taking steps to ensure that Musk’s “political involvement does not harm Tesla’s core mission and protects shareholder value and brand integrity.”

in a Post on X Earlier this week, Musk wrote, “I think this election is critical for America.”

watch: Surprisingly, Musk rarely mentioned technology in his conversations with Trump