Tesla shares rose Wednesday morning as investors turned a blind eye to poor first-quarter numbers and bet on the electric vehicle company's development, making Elon Musk richer.
After the company's Tuesday afternoon earnings report, Tesla shares rose 11% to over $160, its greatest daily rise since Jan. 2022.
Musk, Tesla's top shareholder with a 13% stake, made more than $10 billion Wednesday morning thanks to the stock market increase, Forbes' real-time tracker showed.
Musk's wealth rose to $188 billion, making him the third-richest man in the world after Bernard Arnault ($218 billion) and Jeff Bezos ($198 billion).
Tesla reported a 47% annual drop in profits to its lowest level in three years
but it also indicated that it is on track to make cheaper EVs and advance its robotaxi network.
2024 has been a slaughter for Tesla shareholders, including Musk, even with Wednesday's rebound.
Tesla stock is among the five worst S&P 500 performance after a 35% decline year-to-date.