TSLA: Tesla Stock Recoups 40% Loss on Year After Monster Two-Month Run

Second-quarter deliveries got praised by investors and helped Elon Musk retake number one spot as world’s richest person.

• Tesla stock TSLA is staging a comeback so powerful it’s making the haters look bad. After a painful 40% loss in the time span January through late April, the EV maker has nearly recouped all losses and is just about 0.8% in the red for the year. What helped Tesla recover from such a deep loss was investor optimism even if the electric-car maker didn’t exactly go above and beyond.
• Over the past couple months, shares of Tesla have rebounded by an impressive 75%, or more than $300 billion added to the company’s market capitalization. More recently, earlier this week, Tesla reported its second-quarter delivery figures and that hype extended the share-price run to a two-day gain of roughly 17%. Despite an annual drop in cars shipped to customers, the 443,956 deliveries blasted above Wall Street consensus and spurred a rally.
• The upside was enough to propel Elon Musk back to the first spot among the world’s richest people. According to the Bloomberg Billionaires Index, Musk’s net worth now stands at $252 billion with about $11 billion added on Wednesday alone. Second on the list is Jeff Bezos — the Amazon AMZN founder has amassed a fortune of $219 billion.