Tesla's surge to record highs catapults Elon Musk's net worth to $250 billion

• Tesla jumped as much as 2% on Friday, hitting a new all-time-high of $910 per share.
• The move higher came a day after the EV manufacturer announced record profits and revenue.
• Tesla's surge on Friday helped drive Elon Musk's net worth to about $250 billion.

Shares of Tesla hit a record high on Friday, extending gains after the electric vehicle manufacturer announced another quarter of record sales and profits.

Tesla rose as much as 2% to hit a high of $910 per share, eclipsing its prior high of $900.40 reached in January, and catapulting the company's valuation to more than $900 billion for the first time ever.

On Wednesday, Tesla reported third quarter earnings that beat analyst estimates and revealed record profits and sales for the company, even in the face of ongoing supply chain constraints driven by a lack of semiconductors.

The move higher in Tesla helped push Elon Musk's net worth to about $250 billion on Friday. Musk's held a 22.4% stake in Tesla at the start of the year, which is now worth about $201 billion. A bulk of Musk's remaining wealth comes from SpaceX, which was recently valued at $100 billion and is the second most valuable private company in the world, behind TikTok parent ByteDance.

Musk is estimated to own about 48% of SpaceX, assuming recent funding rounds for the space exploration company didn't dilute his stake.

And Musk's net worth can climb even higher as he receives more Tesla shares tied to his elaborate compensation plan, which grants him options depending on certain profit, revenue, and market valuation milestones.

Driven mostly by Tesla's year-to-date gain of 28%, Musk has seen his net worth surge by more than $75 billion in 2021.