Elon Musk’s worth climbs to $304billion as Tesla stock soars after car maker rolled out nearly a million vehicles in 2021

Elon-Musk-and-his-son, Elon Musk's son

Elon Musk and his son X A-Xii at the Time Person of the Year event on December 13, 2021 in New York City.(Theo Vargo / Getty Images for Time)

The world’s richest man started the rich new year with સંપ 304.2 billion, adding નેટ 32.6 billion to the net worth of Tesla founder Elon Musk. The first person to do that.

According to Forbes, the controversial social media billionaire who is also the founder of the commercial space company SpaceX topped the list of the richest people in the world for the new year. In second place, behind the 103.6 billion Musk, is Bernard Arnold, CEO of the French fashion empire LVMH. Amazon founder and former CEO Jeff Bezos is in third place, Forbes said.

The rise in Tesla’s share price is again attributed to South Africa’s growing wealth.
The electric car maker said it delivered more than 936,000 cars in 2021, beating analysts’ forecasts, but also said it had recalled 475,000 cars built between 2014 and 2021. Said Forbes.

Shares of Tesla rose more than 13% when the market closed, after which the company’s market cap once again crossed the 1 trillion mark after falling below that level last month. As CEO of Tesla, Musk, named Time Magazine’s Person of the Year by 2021, owns about 15.6% of the company. He continues to sell shares, ending the year after offloading 3 million shares in the open market. It used 5.7 million stock options at the same time.

If true, this would make them one of the largest individual taxpayers ever in U.S. history, although this represents only about 0.0036 percent of their value.

He reportedly sold 15.7 million shares of Tesla during 2021 – more than પહેલાં 16 billion before tax.

Musk’s fortune soared to more than $ 200 billion in 2020 and 2021. In 2021 alone, it added 116 billion to its total wealth.

This is the biggest one-year profit by any billionaire since news outlets began tracking the wealth of high-net-worth individuals, Forbes said.

Musk is set to receive one more windfall later this month when Tesla reports its fourth-quarter earnings. If the company meets certain operational and valuation goals, the richest person in the world is ready to become richer.

2021 was an eventful year for Musk, with hosting appearances on Saturday Night Live, a break-up with girlfriend Grimes, and his self-proclaimed coronation as Tesla’s ‘technoking’.

Musk blew up last month as he sold his multibillion-dollar Tesla stock in a move allegedly determined by a poll he posted on Twitter.

Tesla’s rising share price has been re-credited for Musk’s growing wealth. Tesla delivered more than 936,000 vehicles last year, a record figure of 87 percent more than its 2020 delivery count. Image: Tesla factory in China (file photo)

In fact, at least some stock sales were driven by a mandatory tax because it used stock options that would expire in August.

It has sold $ 16.4 billion worth of shares since the beginning of November when it said it would sell 10 percent of its Tesla stock if Twitter users agreed, which they did.

But in September, Musk set out a pre-planned sale of the stock for options ending next year, and Tesla said in a filing on Tuesday that the program was complete.

Musk said last week that it would sell the shares after its scheduled sale ended, meaning the sale is now complete.

The final deal, reported on Tuesday, involved using the option on 1.6 million shares and selling 934,090 shares to pay taxes.

In total, Musk sold 15.7 million shares in Tesla later this year, about 10 percent of which the billionaire promised to sell.

It used the options offered to buy about 23 million shares in 2012 at a price of $ 6.24 per share, a fraction of Tesla’s share price, which was at $ 1069.33 in late trading on Thursday in the final trading session of the year.

Tesla delivers a record 936,172 electric cars in 2021 despite supply chain problems

Tesla delivered more than 936,000 vehicles last year, a record figure 87 percent higher than its 2020 delivery count, despite the electric car maker facing several hurdles over the past year.

The Austin-based Texas-based company announced its fourth-quarter production and delivery results Sunday – just days after recalling nearly half a million Model 3 and Model S cars to address issues that increase the risk of crash.

And last February, Tesla told workers it would temporarily suspend some production at its car assembly plant in California because it was facing a shortage of semiconductors.

Workers at the Model 3 sedan production line in Fremont were told their line would be down from February 22 to March 7, a person familiar with the matter told Bloomberg News.

Despite the challenges Elon Musk’s electric car empire has faced over the past year – including chip shortages and whistleblower scandals – demand for attractive, futuristic cars has only increased.

The number of cars delivered last year fell short of the company’s figure by the end of 2020, when 499,550 vehicles were shipped to customers.

Of last year’s sales, Tesla’s Model 3 and Model Y Rides accounted for 911,208 – or 97 percent – of the 936,172 vehicles. Its most budget-friendly Model 3 sedan retails for 46,490 and more, while the Model Y medium-sized SUV starts at $ 61,000.

It delivered 24,964 expensive Model S and Model X vehicles; Its only full-size SUV, the Model X is tagged around $ 110,000 while the flagship Model S starts at around $ 100,000.

Tesla delivered 57,039 Model S and X vehicles and 442,511 Model 3 and Model Y cars in 2020.

It delivered 112,000 vehicles in 2019.

Daniel Eves, an analyst at Wedbush Securities, said the latest figures were “staggering” given the global chip shortage affecting the automotive industry.

Eves said production is likely to increase due to growing demand from car buyers in China, as well as widespread enthusiasm for electric vehicles.

Musk also noted the achievement, tweeting: ‘Great work from around the world by the Tesla team!’

Tesla’s brand image received a bit of a hit last year, most recently last week when it recalled 356,309 Model 3 vehicles built between 2017 and 2020 due to rearview camera problems and 119,009 Model S vehicles due to front trunk problems.

Tesla warned that for certain Model 3 vehicles, opening and closing the trunk could damage the cable harness connecting the rearview camera, causing the camera to suddenly fail.

And the Model S issue can prevent the front trunk from latching, allowing it to swing upwards while the vehicle is in motion.

According to Tesla, only one percent of Model 3 cars have defects, compared to 14 percent of Model S vehicles.

Shares of Tesla fell from their record highs two days before Musk’s infamous Twitter poll, but have continued to rise 54 percent since January 1.

The fire broke out this week after the company announced it would open a showroom in Xinjiang this week.

The move has drawn criticism from U.S. rights and trade groups, making it the latest foreign generation to be caught up in tensions over the far-western Chinese region.

Xinjiang has become a hotbed of conflict between Western governments and China in recent years, with UN experts and rights groups estimating that more than a million people, mainly Uighurs and members of other Muslim minorities, have been detained in camps there.

China has denied allegations of forced labor or any other form of abuse there, saying the camps provide vocational training and companies should respect its policies there.

The US electric car maker announced last Friday on its official Weibo account that it would open a showroom in Urumqi, the regional capital of Xinjiang. “We will meet in Xinjiang on the last day of 2021,” the post said.

On Tuesday, the Council on American-Islamic Relations, the largest U.S. advocacy group, criticized Tesla for “supporting genocide.”

The United States has condemned China’s treatment of ethnic Uighurs and other Muslims in Xinjiang as genocide. The United States and several other countries plan to boycott the Beijing Winter Olympics in February over the issue.

Referring to Tesla’s founder, the Council on American-Islamic Relations said on its official Twitter account: “Elon Musk should close Tesla’s Xinjiang showroom.

Similar criticism came from the US trade group, Alliance for American Manufacturing.

Tesla did not immediately respond to a request for comment. The carmaker operates a factory in Shanghai and is increasing production there amid growing sales in China.

In recent months, a number of foreign companies have come under tension between the West and China over Xinjiang, as they try to balance Western pressure with China’s importance as a market and supply base.

In July, Swedish fashion retailer H&M reported a 23% drop in domestic currency sales in China in its March-May quarter, as it was hit by a consumer boycott in March because it publicly stated it did not source products from Xinjiang.

Last month, US chipmaker Intel faced similar calls after it told its suppliers not to source products or labor from Xinjiang, signaling it to apologize for “the inconvenience caused to our esteemed Chinese customers, partners and the public.”

Although some people are trying to reduce their supply chain exposure in the region, especially as Washington bans imports such as Xinjiang cotton or blacklists Chinese companies that say Beijing’s policy has helped, many foreign brands are there. Operates stores.

Tesla has also found itself under investigation by the NHTSA auto regulator, which is examining its autopilot system over safety concerns.

Following a government safety check, the manufacturer has also agreed to update its software to prevent drivers from playing video games on the car’s system.

Source: Daily Mail Online

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