Tesla Shares Get Boost From Record Deliveries, China Plant Outlook; Elon Musk’s Net Worth Hits $27.5 Billion
Tesla managed to meet its 2019 delivery guidance with a strong fourth quarter led by shipments of Model 3 sedans and has an upbeat outlook on business in China for the year ahead, propelling shares of Elon Musk’s electric vehicle company–and most likely his net worth–to the highest ever.
Total deliveries for the year were about 367,500, just above Tesla’s forecast for delivering at least 360,000 vehicles, including 92,550 Model 3 and a combined 19,450 units of the pricier Model S and X.
Tesla rose 3% to a record $443.01 in Nasdaq trading Friday. However, the stock has risen about 250% since its June 3, 2019.
Forbes estimates that the steady run-up in the value of Tesla shares in the past few weeks has pushed Musk’s net worth to $27.5 billion, as he is the single biggest shareholder.
The stock is likely benefiting from the company’s rapid opening of its new Gigafactory in Shanghai, China, where the first locally built Model 3s are to be delivered to customers next week. Construction of the $5 billion Chinese project continues but the first phase is opening in less than a year.