King of billionaires: Elon Musk’s networth jumps $12 billion in 24hrs, as Tesla stocks rise
- by Nairametrics
- Jul 03, 2024
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The world’s richest man, Elon Musk recorded a $12 billion gain in net worth on Tuesday as Tesla’s shares continued to rise, following the electric vehicle maker’s report of delivery figures that exceeded market expectations.
Based on a stock market report, Tesla shares rose to just under $229 before midday contributing to the company’s nearly 25% rally since the stock price dropped below $183 on June 24.
He is currently worth $240.2 billion on the Forbes Billionaire Index at the time of publication.
Tesla’s shares experienced significant volatility in the first half of 2024, plunging below $140 in April after peaking at over $250 at the start of the year.
The stock fell following Tesla’s report of a 48% decline in first-quarter profits and a 9% drop in revenue. The company has seen intermittent increases after announcing price cuts on some vehicles.
Additionally, the electric car company reported delivering 70,000 fewer vehicles than expected, marking the company’s first negative quarterly delivery growth in four years.
Several factors have affected Tesla’s vehicle deliveries this year, including supply chain issues and an arson attack at the company’s Berlin factory.
These challenges have compounded the difficulties in maintaining production levels and meeting delivery targets.
Despite these hurdles, Tesla’s recent performance indicates a potential turnaround as the company adapts to and overcomes these obstacles.
The company also faces increased competition from Chinese automaker BYD, which sold 426,000 electric vehicles in the second quarter.
The rise of competitors in the EV market presents additional challenges for Tesla, as it strives to maintain its leading position.
BYD’s strong sales figures highlight the competitive landscape and the growing demand for electric vehicles globally.
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