Aug 8 - Tesla CEO Elon Musk is $622 million wealthier thanks to his stake in the electric car maker one-day after quarterly results topped expectations. Conway G. Gittens reports.
PLEASE NOTE: THIS IS A CORRECTED VERSION OF AN EARLIER STORY TO REFLECT MUSK'S GAIN AS $622 MILLION NOT $13 BILLION DOLLARS. The Daily Digit is 622 million dollars. Tesla CEO Elon Musk is that much richer on paper thanks to a surge in his company's share price. The stock has been energized by a surprise quarterly profit when analysts were predicting a loss. Underlying that surprise, better-than-expected sales of its Model S sedan, the best selling electric vehicle, even though it carries a hefty $70,000 price tag and has faced resistance from traditional dealer networks. Defying expectations seems to be Elon Musk's forte. Other electric models, like the Chevy Volt, are seeing price cuts as manufacturers try to energize sales. And BMW is taking aim at Tesla's hold on the high-end of the market, unveiling the i3 at the end of July. Musk seemed more than amused at that competitive challenge when asked about it on the earnings call with analysts. VOICE OF ELON MUSK (ENGLISH) SAYING: "I'm glad to see that BMW is bringing an electric car to market, that's cool. I think there is room to improve on the i3 and I hope that they do.(LAUGHTER)." And he's laughing all the way to the bank. Shares of Tesla up 366 percent so far this year.