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Elon Musk earned over $2.3bn in 60 minutes after Tesla stocks surge

Tesla’s stock prices have been on a surge since October after the company announced better-than-expected profits.

January 30, 2020 / 06:46 PM IST

Elon Musk earned over $2.3 billion in an hour on January 29 after shares of Tesla Inc. soared during the extended trading. Tesla generated stronger-than-expected quarterly results and increased the production of its Model Y SUV.

The electric-car maker’s stock surged 12 percent from $580.89 to $649, which resulted in boosting Musk’s net worth to about $36 billion. The multi-billionaire entrepreneur owns 20 percent of Tesla’s listed stock. Musk’s other company, the Space Exploration Technology known as SpaceX, is valued at nearly $14.6 billion.

Tesla’s stock prices surged since October after the company announced better-than-expected profits, reported Financial Express. The company’s market value is now over $100 billion. If Tesla manages to stay above the $100 billion-mark for an extended period and if the performance targets are met, Musk will be eligible to unlock his compensation award that would increase his net worth more than $50 billion.

The company recently overtook Volkswagen and became the world's second most valuable automaker.

Currently, Musk does not receive any salary or bonus.
Moneycontrol News
first published: Jan 30, 2020 06:46 pm
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