Elon Musk Gets $23 Billion Richer As Tesla Stock Rides Earnings To 18% Rally
SUMMARY
Tesla CEO Elon Musk saw his wealth increase by $22.7 billion on Thursday as Tesla’s stock surged more than 18% following a strong third-quarter earnings report. This significant rally, which marks Tesla's best performance since March 2021, was fueled by encouraging news, including the highest cash generation in eight quarters and a forecast of up to 30% vehicle delivery growth in 2025. Morgan Stanley analyst Adam Jonas noted that the earnings report underscores Tesla's commitment to profitable growth in its automotive business, addressing previous concerns about declining profit margins. The surge added approximately $120 billion to Tesla's market capitalization, shifting its year-to-date stock performance from a 14% loss to nearly a 6% gain. However, the earnings call drew criticism for its lack of depth, with Bernstein analyst Toni Sacconaghi describing it as more of a "pep rally."
