With Tesla beating estimates, Elon Musk’s fortune soars as well image

No less than $570 Million has the company co-founder and owner gained as yesterday shares of Tesla Motor Inc. jumped 14% after impressive results for the second-quarter.

Even analysts were caught off-guard, as none predicted the impact of Tesla’s Model S on the car market – although with a hefty price tag (north of $70, 000), it is now the best selling electric car in US. Also, Tesla reported it would make money all year, even as it expands to Europe and Asia.

Musk is the world’s 162nd richest person, with an estimated net worth of $7.7 billion, according to the Bloomberg Billionaires Index, up more than 220% year-to-date.

“He’s very clearly managing all the moving parts that you have to manage to put together an effective car company,” said Karl Brauer, an analyst with Kelley Blue Book in Irvine, California. “For the people who can afford those cars, this car is very effectively lining up with their needs: an attractive premium looking and feeling, functional all-electric car.”

Shares of the company closed yesterday in New York at $153.48, bringing its market value to more than $18.2 billion. Model S deliveries totaled 5,150 in the quarter, topping the company’s target of 4,500, while Musk said on Wednesday that an annual selling rate of 40,000 by the end of next year looks “pretty safe.”

via Bloomberg