Here's how much Elon Musk is making on Tesla's stock rally

By Tomi Kilgore

Latest SEC filings show Musk owns about 715 million Tesla shares, or more than 20% of the shares outstanding

Investors in Tesla Inc.'s stock may be having a very good day Wednesday, but none are having anywhere where near as good a day as Chief Executive Elon Musk.

The latest Securities and Exchange Commission filing of Musk's ownership stake in Tesla showed that he owned 715,022,706 shares in the company, or 20.5% of the shares outstanding. That makes Musk by far the largest shareholder, according to FactSet data.

The stock (TSLA) was shooting to $15.08, or 10.4% higher in midday trading, toward its biggest percentage gain in 15 months, after the electric-vehicle giant reported first-quarter results. That was boosting the value of Musk's holding by $10.78 billion.

To put that in perspective, that boost in value is more than the market capitalizations of 35 companies in the S&P 500 index SPX, including household names such as American Airlines Group Inc. (AAL) and Norwegian Cruise Line Holdings Ltd. (NCLH).

Musk certainly helped his own cause. While Tesla reported profit and revenue that fell below Wall Street forecasts, investors cheered what Musk had to say about plans for a lower-cost EV and his announcement that the company was in talks with a major carmaker to license its Full Self Driving technology.

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But despite the great day Musk was having, he's still having a pretty miserable year.

Tesla's stock has plunged $88.74, or 35.7%, year to date amid concerns over competition and slowing demand for EVs, which has reduced the value of Musk's holding by $63.45 billion. That has dropped Musk to fourth on the list of the world's richest people, according to the Bloomberg Billionaires Index.

While Tesla's stock has been falling, shares of legacy carmaker General Motors Co. (GM) have rallied 24.4% this year, and Ford Motor Co.'s stock (F) has gained 5.2%. The S&P 500 has advanced 6% in 2024.

-Tomi Kilgore

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04-24-24 1210ET

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