Tesla Stock Gains Over 6% on Better Than Expected Earnings Report

Following Tesla‘s better than expected first-quarter financial statement released on Wednesday, the company’s stock price jumped by 6.86%, or US$67.07 on Thursday morning to $1,044.27 a share.

Tesla reported an 81% increase in revenue to $18.76 billion while profit for the quarter rose to $3.3 billion. The impressive report was a result of the increase in Tesla’s car production, delivery and average selling price during the period.

According to Elon Musk, the company’s Chief Executive Officer and co-founder, the company could produce about 1.5 million cars in 2022 despite the Russia-Ukraine war and Chinese lockdown due to COVID-19.

The Chief Executive Officer and the world’s richest man was confident the company would surpass 2021 numbers by at least 50%.

However, Elon Musk’s net worth dropped by $11.88 billion in the last 24 hours to $249 billion, according to the Bloomberg billionaire index. The billionaire’s total net worth has plunged by $21.4 billion from the beginning of the year to date.