Tesla shares soar, Musk’s net worth rises by $6 billion in three months

Tesla’s share price has risen sharply recently, boosted by a series of positive factors, including the completion of its 2019 delivery target, boosting Tesla CEO Elon Musk’s personal wealth by nearly $6 billion. After a rough start, Tesla made good on its promise to Wall Street by the end of 2019, meeting its target of delivering 360,000 electric vehicles.

Tesla shares soar, Musk's net worth rises by $6 billion in three months

As a result, Tesla’s share price has risen sharply at the start of the 2020 year, and has also significantly increased CEO Musk’s personal fortune.

Musk’s net worth will rise to $28.5 billion after 2020, according to data compiled bymedia. That means Musk’s wealth has grown by nearly $6 billion in the past three months, bringing him to 20th on the U.S. rich list.

Tesla said Friday that it delivered about 112,000 electric vehicles in the fourth quarter of 2019 and about 367,500 for the full year, achieving its target. In the fourth quarter of last year, Tesla produced about 105,000 electric vehicles and delivered about 112,000 vehicles, both of which hit record highs.

Across 2019, Tesla delivered about 367,500 electric vehicles, up 50 percent from the previous year and in line with the company’s guidance forecast of 360,000 to 400,000. The good news comes after Tesla unexpectedly turned a profit in the third quarter. In addition, its Shanghai plant has also started operations and will officially deliver vehicles to consumers tomorrow.

By contrast, Tesla lost more than a third of its market value in the first half of 2019 after suffering a setback early last year. But in the past six months, Tesla’s market value has increased by $38 billion to nearly $80 billion. Musk owns about 20 percent of Tesla and is the company’s largest single shareholder.

Looking ahead, this is expected to be another record year for Tesla’s demand. Analysts expect Tesla to deliver 463,000 electric vehicles this year, representing an annual growth rate of more than 25 percent.

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