Elon Musk’s net worth rose by $7.5 billion on Wednesday as Tesla shares jumped 5%, despite lower-than-expected Q1 revenue and profits, according to Forbes. Investors responded positively to Musk’s renewed commitment to Tesla, following backlash over his leadership of the Department of Government Efficiency and his $288 million donation to Trump’s campaign. Analysts welcomed the shift, noting momentum from Tesla’s June robotaxi launch and early production of a new affordable EV line. Tesla shares are down nearly 34% year-to-date, underperforming the S&P 500, due to uncertainty over Trump’s tariff policies and mounting recession fears.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Elon Musk's net worth rose by $7.5 billion on Wednesday as Tesla shares jumped 5%
00:07despite lower than expected Q1 revenue and profits, according to Forbes.
00:11Vestors responded positively to Musk's renewed commitment to Tesla,
00:14following backlash over his leadership of the Department of Government Efficiency
00:18and his $288 million donation to Trump's campaign.
00:22Analysts welcomed the shift, noting momentum from Tesla's June robo-taxi launch
00:26and early production of a new affordable EV lot.
00:28Tesla shares are down nearly 34% year-to-date, underperforming the S&P 500
00:33due to uncertainty over Trump's tariff policies and mounting recession fares.
00:38For all things money, visit Benzinga.com slash GSTV.