×
  • Tech - News
  • Updated: July 27, 2021

Elon Musk's Net Worth Rises, Tesla Now Worth Over $600 Billion

Elon Musk's Net Worth Rises, Tesla Now Worth Over $600 Billi

Elon Musk's Tesla is now worth $630 billion after earning its first $1 billion quarterly profit.

Tesla, owned by Elon Musk, is now valued at $630 billion after its quarterly profit surpassed $1 billion for the first time.

On Monday, July 26th, the financial milestone was announced. In the April-June quarter, the Palo Alto, California-based company earned $1.1 billion, or $1.02 per share.

Elon MuskElon Musk

According to FactSet, Tesla earned $1.45 per share in the most recent quarter, outperforming the 94 cents expected by Wall Street analysts.

Tesla now has a market value of approximately $630 billion, far exceeding that of any other carmaker and 14 times that of the company just two years ago.

Elon Musk, the company's CEO, now has the world's third-largest fortune, valued at an estimated $163 billion, according to Forbes magazine.

During a conference call on Monday, Musk stated that Tesla keeps its manufacturing lines running largely by sourcing chips from alternate suppliers and then scrambling to rewrite some of the software in its cars to ensure that all of the technology remained compatible.

Although he stated that things appear to be improving, he described the chip shortage as "quite serious," making it difficult to plan for the second half of the year.

 

 

Related Topics

Join our Telegram platform to get news update Join Now

0 Comment(s)

See this post in...

Notice

We have selected third parties to use cookies for technical purposes as specified in the Cookie Policy. Use the “Accept All” button to consent or “Customize” button to set your cookie tracking settings