Tesla Inc. (NASDAQ:TSLA) stock climbed 1.86% during Thursday’s pre-market trading session after CEO Elon Musk reached an unprecedented financial milestone to become the first person in history to amass a net worth of $500 billion.
Musk Tops $500 Billion, Outweighing Ellison and Zuckerberg
Musk’s net worth reached $500 billion on Wednesday, according to Forbes’ Real-Time Billionaires tracker. This surge in wealth is attributed to the rise in Tesla stock, the increasing valuation of his space exploration company, SpaceX, and the growth of his AI venture, xAI Holdings.
Musk’s net worth is now $150 billion more than that of Larry Ellison, co-founder of Oracle Corp. (NYSE:ORCL), who is the second-richest person. Mark Zuckerberg, the CEO of Meta Platforms, Inc. (NASDAQ:META), follows in third place with a net worth of $245.8 billion.
Musk’s wealth is also above the market capitalization of major companies like Johnson & Johnson (NYSE:JNJ), Alibaba Group Holding Ltd. (NYSE:BABA) and Palantir Technologies Inc. (NASDAQ:PLTR).
Tesla Braces For Q3 Deliveries
Additionally, Tesla braces for Q3 delivery numbers due today. The quarterly figures will show the impact of U.S. subsidies on sales, with China boosting Tesla’s new six-seater Model Y L, while Europe lagged due to an aging lineup and buyer concerns over Elon Musk’s politics. Investor Gary Black predicts strong Q3 delivery numbers on X.
Musk’s wealth surge comes amid a series of events that have shaped Tesla’s journey. The Cybertruck outperformed a Porsche 911 in a drag race, showcasing the company’s technological prowess.
However, investor Ross Gerber said on X that Tesla’s sales were boosted by the rush to use the $7,500 EV credit, but warned the momentum would fade once the credit ended. The electric car giant has also faced challenges, with European sales falling by over 25% in Italy.
According to Benzinga Edge Stock Rankings, Tesla has a growth score of 75.47% and a momentum rating of 89.97%. Click here to see how it compares to other leading tech companies.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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