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Tesla has had a rough couple of weeks with its flagship Cybertruck causing all kinds of headaches, sales of its cars slowing and the automaker facing a relentless fight to justify the $56 billion payout it wants to give big boss Elon Musk. Now, despite its struggles, the automaker just made Musk another $10 billion for not really doing anything at all.
Tesla on Tuesday shared its latest sales and delivery figures for the last quarter, which ran until the end of June 2024. In the filings, deliveries were down for the American EV maker and it is now having its lead in EV sales rapidly eaten into. Despite the bad news, sales weren’t quite as low as experts projected, and that sent Tesla stocks into overdrive, reports Forbes. As the site explains:
Tesla shares jumped to just under $229 as of around 11:30 a.m., adding to the company’s nearly 25% rally since the stock price fell below $183 on June 24.
The value of Musk’s roughly 12% stake in the company increased to $160 billion from about $150 billion when the market closed trading Monday, while the weeklong rally has added about $30 billion.
You read that correctly, despite posting a drop in sales of almost 5% compared with last year, Elon Musk made another $10 billion for his work at Tesla. The spike in Tesla’s share price and Musk’s worth came after Tesla beat analysts expectations for the quarter, in which it was projected to sell around 439,000 cars.
However, Tesla did marginally better than that, shifting 444,000 vehicles through the second quarter of 2024. The figure equates to a 14.8% increase over the brand’s sales in Q1, but marks a 4.8% drop year-over-year as it faces stiffer competition from other automakers around the world.
A version of this article originally appeared on Jalopnik’s The Morning Shift.