close video Tesla will lead EV market for ‘quite some time’: R ‘Ray’ Wang
Constellation Research founder R ‘Ray’ Wang joins ‘Varney & Co.’ to discuss Tesla shares following their record revenue and earnings report.
Elon Musk added another $11.98 billion to his bank account over the last week, as tracked by the Dow Jones Market Data Group.
The most recent filings show Musk holds 423,622,000 shares in Tesla worth $53.87 billion as of close of trading on Jan.19. The total value of those holdings jumped to $67.89 billion based on Thursday’s closing price.
The weekly total doesn’t account for Musk’s other assets and liabilities as CEO of SpaceX and Twitter, founder of The Boring Company, and co-founder of Neuralink and OpenAI. Forbes lists Musk’s overall worth at $168.7 billion.
ELON MUSK CHANGES TWITTER NAME TO 'MR. TWEET' AND NOW CAN'T CHANGE IT BACK
Tesla .Ticker Security Last Change Change % TSLA TESLA INC. 160.27 +15.84 +10.97%
Tesla is up nearly 25% over the past five days and up 48% since the start of the year. The stock remains the Nasdaq 100's best performer, despite being down approximately 42% lower over the past year.
Shares have also rallied the last month, revving almost 30% into the green. Tesla is currently on its longest winning streak since Sept.12, 2022, when it rose for five straight trading days.
TESLA POSTS Q4 FINANCIAL RESULTS, CEO ELON MUSK WEIGHS IN ON EARNINGS CALL
Photo illustration of Elon Musk in front of Tesla logo (Getty Images / Getty Images) Fourth quarter earnings
In its latest earnings release on Wednesday, Tesla said it generated about $24.32 billion in fourth-quarter revenue, marking a 37% increase from the same three-month period last year. The company’s profits saw a roughly 59% jump from 2021’s Q4 to $3.7 billion, while its adjusted earnings per share came in at $1.19.
Refinitiv estimates for revenue and earnings per share were $24.16 billion and $1.13 respectively, meaning Tesla came in higher on both.
The company said in early January that its vehicle production for the quarter came in at over 439,700 vehicles. Meanwhile, its deliveries were nearly 405,300.
TECH LAYOFFS CONTINUE AS IBM, SAP ANNOUNCE MASSIVE CUTS
Tesla Gigafactory Texas on Jan. 17. The company saw a 37% spike in delivery growth the last three months of 2022. (Courtesy Jeff Roberts Twitter)
Musk praised the Tesla team during the earnings call for its performance "despite the fact that 2022 was an incredibly challenging year due to forced shutdowns, very high interest rates and many delivery challenges."
"Thus far in January, we’ve seen the strongest orders year-to–date than ever in our history. We’re currently seeing orders at almost twice the rate of production," he said.
Musk noted it was "hard to say" whether that will continue.
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FOX Business reporter Aislinn Murphy contributed to this article. close video Can Elon Musk deliver on Tesla?
The Future Fund managing partner Gary Black provides insight on investing in the electric vehicle company on ‘Making Money.’
