Tesla's Elon Musk made $1.1 billion yesterday, how about you?
Wed, 26 Feb 2014Thanks to skyrocketing share prices, yesterday was a very big payday for Tesla founder Elon Musk. The already wealthy businessman added another $1.1 billion, ten percent of his net worth, to his overflowing wallet yesterday after Tesla's shares hit $248. This time last year, TSLA was trading at roughly $34 per share.
Tesla's latest jump in a year that has already seen share prices climb 65 percent is thanks to positive reports from Consumer Reports on the company's Model S electric sedan, and some kind words from Morgan Stanley about the brand's plans for a battery factory.
Despite all the good news for Tesla yesterday, not all of the $1.1 billion Musk earned came from his automotive pursuits. SolarCity, which Musk is also the largest shareholder in, saw its share prices jump 3.1 percent, as part of a 43-percent jump in 2014.
According to Bloomberg, Musk's latest stock earning makes him the second largest wealth earner among US billionaires this year, behind Facebook's Mark Zuckerberg.
By Brandon Turkus
See also: Tesla Gigafactory will be capable of supplying packs for 500,000 EVs a year, Why Tesla's $35,000 Model E is a pipe dream, Tesla rockets to $259 a share on Morgan Stanley, Consumer Reports announcements [w/video].