Elon Musk’s Cash Is Pouring In Now

(NewsGlobal.com)- According to recent filings, Tesla CEO Elon Musk holds 423,622,000 shares in the electric vehicle company that, as of January 19, was worth $53.87 billion. The total value of those holdings jumped to $67.89 billion as of January 23, earning Musk another $11.98 billion in just seven days, Fox Business reported last week.

Tesla was up nearly 25 percent last week and up 48 percent since the start of 2023.

In its latest earnings release last Wednesday, Tesla said it generated about $24.32 billion in revenue in the fourth quarter of 2022, making a 37 percent increase over the fourth quarter of 2021.

Tesla’s profits increased by 59 percent from its fourth-quarter profits in 2021, with a Q4 profit of $3.7 billion. The company’s adjusted earnings per share came in at $1.19.

In early January, Tesla said vehicle production for the fourth quarter was over 439,700 vehicles while its deliveries were nearly 405,300.

During the earnings call, Musk praised the Tesla team for its fourth-quarter performance in the face of an “incredibly challenging year due to forced shutdowns, very high interest rates, and many delivery challenges.”

Musk said the company saw the “strongest orders year to date than ever” in Tesla’s history during the month of January, with orders nearly “twice the rate of production.”

Tesla’s good news comes as the lawsuit against Musk continues in a California federal court.

Musk is being sued by Tesla investors who claim his 2018 tweets on taking the company private caused disruption in stock prices and steered investors in the wrong direction.

In expert witness testimony on Tuesday, jurors were told that Tesla investors lost anywhere between $4 billion and $11 billion in ten days as a result of Musk’s 2018 tweet saying he had “funding secured” to take Tesla private, according to the Associated Press.

During his testimony last Friday, Musk repeatedly said he looks after the best interests of Tesla shareholders and believed he had a financing commitment from Saudi Arabia’s sovereign wealth fund when he posted his “funding secured” tweet. Musk also said he could have still pulled off the buyout after the Saudi commitment fell through by raising money from other investors and selling some of his SpaceX stock.