Driving value

Musk’s fortune jumps $32bn as Tesla beats forecasts

Tesla sales have beaten forecasts

Tesla billionaire Elon Musk’s fortune jumped by $32 billion on Monday as shares of his electric vehicle maker soared.

A 13% jump in the electric vehicle company’s value followed its quarterly update that it had smashed previous records of deliveries, exceeding Wall Street estimates.

Musk owns about 18% of Tesla and is now worth a staggering $303.7 billion. His net worth reached a high of $340 billion last year, surpassing the peak inflation-adjusted net worth of John D Rockefeller and briefly making him the richest person in modern history. 

He has sold more than $10 billion worth of shares since November to reduce his stake in the company by 10% and generate cash to pay tax obligations.

Tesla delivered more than 300,000 vehicles between October and November, about 43,000 more than Wall Street analysts had predicted, and about 30% more cars than it did in the preceding quarter which had been the company’s best on record. This was 71% more than in the same period of 2020. It means the company has delivered 936,000 cars in 2021 against a best-estimate of 900,000.

Tesla’s stock surged nearly 50% last year, sending its market valuation above the $1 trillion mark as demand for its cars soars and it rides out global chip shortages.

The soaring stock will also boost Edinburgh-based Scottish Mortgage Investment Trust which has a significant holding in the company.

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