Tesla has faced several challenges recently, including issues with its Cybertruck and a slowdown in car sales. Despite these struggles, the company’s stock surged, adding $10 billion to Elon Musk’s net worth. This boost came after Tesla’s latest sales and delivery figures for Q2 2024 exceeded analyst expectations.

Unexpected Stock Surge
Tesla’s report showed a slight decline in deliveries, down nearly 5% year-over-year, but still surpassed projections by selling 444,000 vehicles. This was better than the anticipated 439,000, resulting in Tesla shares jumping to just under $229. This increase contributed to a 25% rally since late June, significantly raising Musk’s wealth due to his 12% stake in the company.

Financial Highlights
The rise in Tesla’s stock price has pushed Musk’s stake value from $150 billion to $160 billion. Despite the year-over-year drop in sales, the quarter saw a 14.8% increase over Q1 sales, showcasing Tesla’s resilience in a competitive market.