Elon Musk’s net worth has climbed to $369.2 billion, increasing his lead over Jeff Bezos to $170 billion, according to recent calculations. The surge came after shares of Tesla skyrocketed 5% to $251 in response to the company’s Q1 earnings report, which showed profits and revenues below consensus forecasts at multi-year lows.
The rally was largely driven by Musk’s recommitment to Tesla, as he confirmed that he will be allocating more time to the company starting next month. This news was welcomed by investors and analysts who had expressed concerns about Musk’s extensive involvement in politics and its impact on Tesla’s brand.
Musk also provided updates on upcoming projects, including the June launch of a driverless “robotaxi” and the start of production for lower-cost electric vehicles during the first half of this year. He reaffirmed his commitment to lowering tariffs, which he believes are generally beneficial for prosperity.
Despite the positive news, Tesla’s stock is still down almost 40% year-to-date, largely due to concerns about a potential recession caused by President Trump’s changing tariffs. Musk has been a vocal critic of these tariffs and has donated millions of dollars to Trump’s election campaign.
The recommitment from Musk has been seen as crucial for Tesla, with some analysts warning that the company was facing a “code red” situation if he didn’t return to the role. The news has boosted investor confidence and sent the tech-heavy Nasdaq index soaring 3%.
Source: https://www.forbes.com/sites/dereksaul/2025/04/23/elon-musk-gets-8-billion-richer-as-tesla-stock-rallies-on-mea-culpa–despite-brutal-earnings