Elon Musk’s wealth surged by $33.5 billion on Thursday as Tesla Inc. shares soared, marking their biggest increase in over a decade. This significant jump solidifies Musk’s position as the world’s richest person, further widening his lead on the Bloomberg Billionaires Index.
Tesla’s Impressive Stock Performance
Tesla’s stock surged by 22%, turning positive for the year after the automaker announced its largest quarterly profit since the summer of 2023. The company reported a profit of $2.17 billion for the third quarter, reflecting a 17.3% increase compared to the same period last year. During a webcast, Musk projected a potential 30% growth in vehicle sales for the coming year and revealed that the Cybertruck had generated a profit for the first time in this quarter.
This resurgence comes after four consecutive quarters of underwhelming earnings for Tesla, largely due to reduced consumer demand. Despite these challenges, Tesla remains the world’s largest electric-vehicle manufacturer.
Musk’s Wealth and Market Position
Musk’s wealth boost is one of the largest gains in his career, now bringing his net worth to $270.3 billion, putting him $61 billion ahead of second-place Jeff Bezos on the Bloomberg Billionaires Index. Musk’s fortune is primarily tied to Tesla shares and options, which account for about three-quarters of his wealth. He also holds substantial stakes in SpaceX, social media platform X, and his artificial intelligence venture, xAI.
Political Engagement and Support for Trump
Musk, 53, has also made headlines recently for his vocal and financial support of Republican candidate Donald Trump. In recent weeks, he has campaigned alongside Trump in Pennsylvania and contributed $75 million to his super PAC, which focuses on Republican voter turnout efforts and digital advertising.
Trump has hinted that if re-elected, he would appoint Musk to lead a newly proposed department aimed at reducing government red tape, informally called the Department of Government Efficiency. Musk has expressed his intention to advocate for federal approval of autonomous vehicles, a key focus area for Tesla.
Future Plans for Tesla
In the webcast following Tesla’s earnings release, Musk shared his vision for Tesla’s future, stating that the company plans to roll out autonomous “Cybercab” robotaxis by 2026, with a target of producing between 2 million to 4 million units per year. He confidently predicted:
“Tesla will become the most valuable company in the world, and probably by a long shot.”
Conclusion
Elon Musk’s significant increase in wealth reflects not only Tesla’s impressive recovery but also his strategic positioning within both the automotive and political arenas. As Tesla looks to innovate further with autonomous vehicles and expand its production capabilities, Musk’s vision for the company remains ambitious.
The convergence of technological advancement and political engagement could significantly influence both Tesla’s market position and Musk’s personal fortune moving forward. As consumer demand rebounds and new products like the Cybertruck come to market, all eyes will be on how these developments shape Tesla’s future trajectory.
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