Billionaire Elon Musk, who is trying to buy Twitter, has seen his personal net worth rise by billions thanks to his electric car company, Tesla, posting its highest quarterly profit to date on Thursday.
Tesla stock rose about 6% on Thursday, trading at nearly $1,035 per share, making the company one of the stock market’s biggest gainers in the past two years of the pandemic. Musk’s fortunes have also exploded, making him the richest man in the world by far. Musk’s net worth rose by about $8.4 billion to $271.3 billion on Thursday, according to Forbes.
Tesla’s first-quarter earnings showed the company had generated $62 billion in revenue over the past year and as a result Musk successfully executed three of the 12 milestones outlined in his 2018 incentive package , which gives him stock options worth $23 billion, though he’s banned from cashing in for five years.
Musk said Tesla will likely make more than 1.5 million vehicles in 2022, up 60% from last year, a mark of progress given the company has struggled to meet its targets manufacturing and production in recent years.
HERE’S WHO MUSK IS UP AGAINST ON TWITTER’S BOARD
Tesla’s stock market value has also long been driven by a cult following of the company and its star CEO, which has garnered a massive following on social media, in addition to the world’s largest fortune.
“Such a joy to work with such incredibly talented people at SpaceX, Tesla, Neuralink & Boring Co!” Musk tweeted on Thursday.
What a joy to work with incredibly talented people at SpaceX, Tesla, Neuralink & Boring Co!
— Elon Musk (@elonmusk) April 21, 2022
Musk on Thursday claimed to have secured $46.5 billion in funding for his private takeover of Twitter and said he plans to appeal directly to shareholders to buy the company. Musk previously approached Twitter’s board asking to buy the company for $43 billion, but the board passed a ‘poison pill’ to stop Musk from taking control of the company. business.
CLICK HERE TO LEARN MORE ABOUT THE WASHINGTON EXAMINER
Musk expressly tied his initial 9.2% purchase of Twitter earlier this month to his ambition to make the platform more focused on free speech, which he says is a societal imperative for a democracy that works.