New York, 19 February, 2014 – Tesla Motors Inc founder and CEO Elon Musk’s net worth rose by 7.8% to US$9.7 billion after stocks of the electric car company jumped 12.6% in extended trading following the announcement of its fourth-quarter and full-year financial results on Wednesday.

The Palo Alto, California-based company reported better-than-expected numbers and said it expects to sell more than 35,000 Model S electric sedans in 2014, a 55% increase over last year.

Shares surged by 12.6% to US$218 in extended trade following the announcement. A day earlier, the stock shot to an all-time high after media reported that Musk met with Apple Inc’s head of mergers and acquisitions in 2013.

Musk, the South African-born billionaire entrepreneur, founded Tesla in 2003. The company’s first car, the Tesla Roadster, entered general production in March 2008, followed by two new models in July 2009 and July 2010. Musk made his first fortune as a co-founder of PayPal, the international payments and money transfer business, and went on to set up Tesla and SpaceX, a space transport services company.

Musk’s net worth was calculated after accounting for his shares in public and private companies, residential and passion investments such as art, planes and real estate, and is based on the most recent publicly available disclosure of his shares and options in Tesla.

Source: Wealth-X

Photo Source: TriMars