Elon Musk’s net worth jumped around $10 billion on Tuesday as Tesla shares rose again, after the electric vehicle maker reported delivery figures that beat analysts’ expectations.
Tesla inventories jumped to just under $229 around 11:30 a. m. m. , adding to the company’s 25% since the inventory value fell below $183 on June 24.
The price of Musk’s roughly 12% stake in the company rose from about $150 billion at market close on Monday to $160 billion, while the week-long rally added about $30 billion. Dollars.
Tesla delivered about 444,000 cars in its second quarter this year, up 14. 8% from the previous quarter despite a 4. 8% year-over-year decline, the company said, beating analysts’ estimates of about 439,000 deliveries, according to Dataset.
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Musk is the world’s richest user with an estimated net worth of $238. 6 billion, following a 4% increase on Tuesday.
Tesla’s inventories have plummeted in the early part of 2024, falling below $140 in April after peaking at more than $250 when trading opened this year. Inventory fell after Tesla reported a 48% drop in first-quarter profit and a 9% drop in revenue. , although it rose intermittently after the company announced price cuts on some of its vehicles. Tesla later announced that it had delivered 70,000 fewer vehicles than expected, the company’s first negative quarterly growth in deliveries in four years. Several problems have affected vehicle deliveries this year, adding supply chain issues and an arson attack on the company’s factory in Berlin, Tesla said. The company is also facing a bigger festival from Chinese automaker BYD, which sold 426,000 electric vehicles in its second quarter.
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