Tesla stock hits 4-month high as Elon Musk’s net worth soars


Musk is about $70 billion richer Friday than he was in January.
Los Angeles Lakers defeated the Golden State Warriors 122-101 to win game 6 of a Western Conference Semifinals NBA playoff basketball game at the Crypto.com Arena in Los Angeles.

Elon Musk, centre, has billions of reasons more to smile.

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Shares of the electric vehicle giant run by the oft-erratic billionaire Elon Musk rallied to their highest price since early this year in Friday trading, as Musk’s net worth, battered badly by his controversial purchase and leadership of Twitter, closes in on once again becoming the largest in the world.

Tesla shares ticked up 3% Friday, now up 16% over the last week as the automaker rides optimism about its prospects at home and abroad following a partnership with Ford, opening its EV chargers to the legacy American car company’s vehicles, and Musk’s meeting with Chinese business and political leaders.

Musk’s China visit is crucial for Tesla’s outlook given the nation accounts for about a fifth of Tesla’s sales, Wedbush analyst Dan Ives wrote in a note to clients Tuesday, while Goldman Sachs analyst Mark Delaney noted last week the Ford partnership represents a “modest incremental positive” for Tesla stock, as it should bring in up to $3 billion in new revenue.

Tesla’s $214 share price is its highest since mid-February—a massive boon for Musk and his fortune: The 51-year-old’s $207 billion net worth is 19% higher than it was just a month ago, according to Forbes’ calculations.

Musk, who lost his mantle as the world’s richest man to French luxury tycoon Bernard Arnault late last year, now trails Arnault by just $13 billion, a drastic decrease from March, when the gap was more than $30 billion.

Surprising Fact

Musk’s fortune is now at its highest level of 2023, up about 50% from its January bottom just below $140 billion, though it remains far below its late 2021 peak of about $320 billion.

This story was first published on forbes.com and all figures are in USD.

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