Elon Musk’s personal wealth soared a staggering $570 million yesterday as shares of Tesla Motor (TSLA), the company he co-founded in 2003, spiked 14 percent after posting better than expected earnings results that beat analysts’ estimates.
For Q2 2013, the maker of high-end electric cars reported an unexpected operating profit of 20 cents a share. That exceeded estimates for a loss of 19 cents a share. Revenue jumped to $405 million compared to just $26.7 million in the year-ago quarter. Analysts expected a revenue of $387.9 million for Q2 2013. The numbers sent TSLA exploding intraday to a 52-week high of $158.88.
“Our financial position and balance sheet have never been stronger,” Chief Executive Elon Musk said in a letter to shareholders.
Shares of the Palo Alto, Calif.-based company closed at $153.48 on 27 million shares, bringing its market value to more than $17 billion.
With Tesla’s current market price at about $154 a share, Musk’s net worth is now $7.7 billion, up more than 220% year-to-date. He’s the world’s 162nd richest person, according to the Bloomberg Billionaires Index.