Elon Musk, the world’s richest man, added a staggering $33.5 billion to his wealth on October 24, following a massive jump in Tesla Inc.’s shares.
According to a Bloomberg report, Tesla saw its biggest share gain in over a decade after releasing its third-quarter earnings, showing its highest profit since the summer of 2023. This increase in Tesla’s stock pushed Musk’s net worth to $270 billion.
Musk, 53, is now $61 billion ahead of Amazon founder Jeff Bezos, the world’s second-richest person, as per the Bloomberg Billionaire Index. A significant portion of Musk’s wealth—around 75%—comes from his Tesla shares and stock options. Besides Tesla, Musk also owns SpaceX, social media platform X (formerly known as Twitter), and artificial intelligence company xAI.
Electric Vehicle Market Surged by 22%
The electric vehicle maker’s stock surged by 22% after it posted impressive third-quarter results, marking a sharp turnaround from three consecutive quarters of disappointing performance due to slowing demand. Tesla’s latest earnings report revealed a significant boost, largely driven by the Cybertruck, which posted its first-ever quarterly profit. Musk, in a webcast following the earnings release, predicted a 30% growth in Tesla’s vehicle sales and shared his vision of Tesla’s future dominance.
Musk’s Plans to Launch Cybercab
Musk also discussed plans to roll out Cybercab robotaxis by 2026, with expectations of producing 2-4 million units annually. He stated confidently, “My prediction is Tesla will become the most valuable company in the world, and probably by a long shot.”
Apart from his business ventures, Musk’s political ambitions are also becoming more evident. As an immigrant to the United States, he has voiced strong support for former President Donald Trump , who is seeking re-election in 2024. Recently, Musk has campaigned alongside Trump and invested $75 million in his own super PAC to fund Republican voter outreach efforts and digital advertising.
On the webcast, Musk indicated that he would advocate for federal approval of autonomous vehicles if offered a role in a future Trump administration. Trump has suggested that he would ask Musk to lead a new Department of Government Efficiency aimed at cutting bureaucratic red tape if re-elected.
