Elon Musk earned $2.3 billion in an hour
The company's shares rose to $589 per share after the company reported that its fourth-quarter 2019 earnings were higher than projected. With this, Musk, who owns about fifth of the company's shares, has grown by about $36 billion. As trading closed for the day, Tesla's stock price dropped to $580.99.
According to the company, its revenue increased to $7.4 billion during this period, which is only 2% more than in the same period last year, but it is still much more than was previously expected. Company's net profit in the fourth quarter of last year added up to $105 million. Compared to the fourth quarter of 2018, it decreased by 25%, but the company is profitable for the second quarter in a row.
Tesla also announced that deliveries of the new Model Y SUV will begin by the end of this quarter - earlier than planned.
Now the market value of the company exceeds $ 100 billion. Elon Musk will receive about $346 million if Tesla's market capitalization in the next few months remains above $100 billion.
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