Elon Musk Gains N452.6billion as Tesla Makes $1.14billion Profit

Elon Musk Gains N452.6billion as Tesla Makes $1.14billion Profit

  • The fortune of Elon Musk, the founder of Tesla, climbed 0.62% on Wednesday following a surge in the carmaker's stock value
  • Musk is worth more than $170 billion as he cement his second richest person position on the global billionaire list of Forbes
  • Tesla made oved $1.1 billion in the second quarter of 2020, making it the first time the company will surpass the billion-dollar mark

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Elon Musk is keeping his second place on the richest person in the world list in July as his fortune rose by 0.62% at the end of trading on Wednesday.

The billionaire has been jostling the position with French businessman, Arnault Bernard, who is listed as the third richest person in the world by Forbes.

After capital market activities ended, Musk made $1.1 billion due to a 0.34% uptick in Tesla's share value on Wednesday, which ended the day at $646.98 per share, against Tuesday's $644.78.

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Over N452.6billion was made by Elon Musk following a rise in Tesla share price
Elon Musk, Tesla and Starlink founder. Photo: Michael A. McCoy
Source: Getty Images

Musk owns 20% of Tesla, however, half of the American businessman's stake has been offered as collateral for loans - and with the surge in Tesla value, he is now worth $171 billion.

Tesla makes one billion dollar profit in Q2

Musk's $1.14 billion gain comes at a period that the automotive manufacturer announced that it made $1 billion profit after producing and delivering over 200,000 vehicles.

It had been projected that Tesla would record revenue of $11.30 billion in Q2 2021, but the company surpassed the estimate as it generated $11.96 billion.

The carmaker, which has 598 stores and service centers, also generated $951 million from services and other revenues, according to Tesla financial statements for second quarter.

Elon Musk telecoms company under attack

Starlink, a telecommunications company owned by Musk, has been battling with attacks from its market rivals who don't want it to launch more satellites.

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Viasat and Dish Network filed a lawsuit against Starlink, stating that the continuous launch of satellites to space will have a negative impact on the environment.

Viasat also said the government was wrong to give Starlink license to launch, claiming that it will put their company at a competitive disadvantage.

Source: Legit.ng

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