Tesla Motors Inc (NASDAQ:TSLA) has been becoming a major phenomenon on Wall Street over the last year or so as its stock defies all logic fundamental valuations. CEO Elon Musk has watched his personal wealth soar along with the automaker’s stock, although he’s also getting plenty of extra money from another company he’s connected with—SolarCity Corp (NASDAQ:SCTY).
Tesla’s Musk is in the world’s top 100 billionaires
Bloomberg’s Billionaire Index shows that Musk added $1.1 billion to his wealth on Tuesday thanks to both stocks’ performances. That’s about a 10% increase in his wealth. He’s both Tesla Motors Inc (NASDAQ:TSLA)’s and SolarCity Corp (NASDAQ:SCTY)’s largest shareholder, and in addition to being Tesla’s CEO, he is also SolarCity’s chairman.
Musk now has a net worth of $11.7 billion and is the 94th richest person in the world. The only U.S. billionaire who has gained more in net worth than Musk this year is Facebook Inc (NASDAQ:FB) CEO Mark Zuckerberg.
Tesla’s market cap soars over $31 billion
As of this morning, Tesla Motors Inc (NASDAQ:TSLA) has a market capitalization of $31.35 billion, while SolarCity Corp (NASDAQ:SCTY)’s market cap is over $7 billion. At this point, the big news surrounding Tesla is the automaker’s plans for the gigafactory. The company said it would hold a conference call this week to release more details about it. Also Morgan Stanley sent out a highly speculative note assigning a target price of $320 a share for Tesla.
Investors may be snapping up shares of SolarCity Corp (NASDAQ:SCTY), in part, because of the Elon Musk connection. The solar panel company reported preliminary results which were not as great as expected and said it would release all of its results next week. Investors were initially concerned by the preliminary report, but analysts remain pretty positive on the company even after those results. JPMorgan Chase boosted their price target from $68 to $72 a share on Tuesday.