Daily Management Review

Elon Musk's fortune grows by $2 bln over a week


Fortune of the American entrepreneur, Elon Musk, increased by $ 2 billion over the week thanks to the profit of his company Tesla, Forbes magazine writes.

Heisenberg Media
Heisenberg Media
Although analysts forecasted losses for the company after the close of trading on October 23, Tesla recorded a profit of $ 1.86 per share. The adjusted profit of the company in the third quarter of 2019 amounted to $342 million

A week before October 31, Tesla's securities went up 24 percent, and Musk’s fortune increased to $22.9 billion. As a result, Musk rose to 21st place in the list of 400 richest people in the United States according to Forbes.

Elon Musk owns a 22% stake in Tesla, which is approximately half his fortune.

The American company Tesla Motors was founded in 2003 as a developer and manufacturer of electric vehicles and related technologies. The company is headquartered in Palo Alto, California, USA. In addition to electric vehicles, the company, using its own technology, produces batteries and electric motors and sells it to other automobile companies, in particular Toyota and Daimler.

source: forbes.com