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EV maker Tesla’s better-than-expected second-quarter sales report boosted the company’s stock price this week, netting CEO Elon Musk about $10 billion. And that was before Wednesday’s stock rocket.
While Tesla reported more disappointing year-on-year sales numbers Tuesday, the numbers were not as bad as analysts expected and the company’s stock price rebounded significantly from $209 to $231 a share by the end of the day.
The price jumped again Wednesday, up 6.5% to $246 a share. The boost in stock price is good news for investors and even better news for Mr. Musk, who holds a 12% stake in the company.
The early week price surge boosted Mr. Musk’s stake from $150 billion to $160 billion.
Tesla has had a tumultuous 2024, enduring dwindling demand for electric vehicles in the U.S. and increasing competition in Europe and Asia.
Additionally, the company’s new flagship vehicle, the Cybertruck, has been an embarrassment for the company. On top of aesthetic complaints about the futuristic vehicle, two safety recalls have hurt the truck’s reputation.
Meanwhile, Mr. Musk won a major victory last month at Tesla’s annual shareholder meeting where investors approved his massive pay package, which a Delaware judge voided in January.
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