Tesla Stock Surge Propels Musk Back to Top of World’s Richest List

January 30, 2024 – Tesla Shares Surge, Boosting Musk Back to World’s Richest

In a significant market move on January 29th, Tesla’s stock price experienced a notable increase of 4.19%, closing at 190.93pershare.Thissurgeinvalueelevatedthecompany′stotalmarketcapitalizationtoawhopping606.95 billion.

Consequently, this significant jump in Tesla’s stock price has propelled its CEO, Elon Musk, back to the top spot as the world’s wealthiest individual.

According to Tesla’s annual 10-K filing with the Securities and Exchange Commission, the company anticipates capital expenditures to exceed 10billionin2024.Furthermore,forthefiscalyears2025and2026,Teslaexpectsannualcapitalexpenditurestorangebetween8 billion and $10 billion.

The electric vehicle manufacturer has outlined that these planned capital expenditures will primarily be allocated towards the introduction of new products, the establishment or expansion of production facilities across three continents, and the pilot development of innovative battery technologies.

Tesla’s 2023 financial report revealed that the company achieved a total revenue of $96.77 billion for the year, marking an 18.79% increase compared to the previous year. However, it’s worth noting that Tesla’s gross profit margin in the fourth quarter lagged behind that of BYD and Li Auto in the third quarter of the same year.

Despite this, Tesla delivered an impressive 1.81 million electric vehicles globally in 2023, representing a 38% year-over-year growth and solidifying its position as the leading manufacturer of electric vehicles worldwide.

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