Elon Musk is £3bn richer as Tesla shares race to new high

World’s richest man Elon Musk is £3bn richer as Tesla shares race to new high thanks to soaring third quarter profits

Tesla shares raced to record highs on Wall Street as investors cheered bumper results.

The electric car maker climbed 3.3 per cent, or $28.20 to $894, giving it a market cap of around £642billion.

The latest surge added £3billion to the wealth of Tesla’s bombastic billionaire boss Elon Musk, the world’s richest man.

Tesla’s share price surge has added £3bn to the wealth of boss Elon Musk (above), already the world’s richest man

The rally came after Tesla reported a 77 per cent rise in third quarter profits to a record £2.3billion. 

The company delivered 241,391 cars over the period, an all-time high and a 73 per cent jump on the same period in 2020.

It also pushed deliveries in the year-to-date to 627,500, more than the nearly 500,000 delivered across all of last year.

‘Demand for electric vehicles is mushrooming and Elon Musk’s company is positioning itself to take advantage of the momentum,’ said AJ Bell analyst Danni Hewson.

However, Tesla said computer chip shortages, congestion at ports and ‘rolling blackouts’ were affecting its ability to run its assembly lines at full speed. 

The firm also logged a £37million charge from its bitcoin investments.

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