Tesla Stock Pops Another 4% To 2024 High—Elon Musk $37 Billion Richer This Month
SUMMARY
Tesla's stock surged 4.8% to hit a 2024 high of $264.98, boosting its market value to $822 billion amid a 33% rise in July alone. CEO Elon Musk, benefiting from the rally, saw his net worth increase by $37.1 billion this month, solidifying his status as the world's wealthiest person. Positive factors like reinstating Musk's pay package and strong Q2 vehicle deliveries drove investor confidence. However, Tesla's stock now trades at historically high price-to-earnings ratios, suggesting it may be overvalued relative to future earnings projections. Analysts expect a decline in 2024 earnings, casting doubt on the sustainability of its current valuation.
