Elon Musk Gains $21 Billion In Just 24 Hours: Here's How The Billionaire's Net Worth Skyrocketed
Musk, already the world’s richest person, has now widened his lead over the second-richest individual by $50 billion.
Elon Musk’s net worth swelled by $21 billion on Thursday as Tesla’s stock skyrocketed by nearly 19 per cent after the company’s third-quarter earnings report beat expectations. This impressive leap marked Tesla’s biggest single-day rally since March 2021, boosting its market value by $117 billion.
As reported by AFP, by mid-morning trading, the stock surge underscored investors’ confidence in the company’s growth potential, as Tesla reported a 17 per cent profit increase from the same period last year, reaching $2.2 billion. Revenue also climbed by 8 per cent, hitting $25.2 billion.
Musk Increases Lead On Billionaire's List
Musk, already the world’s richest person, has now widened his lead over the second-richest individual by $50 billion, thanks to his substantial stake in Tesla. The positive earnings, which mark Tesla’s strongest quarterly profit in two years, highlight the company’s ability to drive robust sales in an increasingly competitive electric vehicle (EV) market.
Analysts took note of Tesla’s profitability focus, with Morgan Stanley's Adam Jonas pointing out that “growing the auto business profitably remains a high priority for Tesla.” The statement resonated well with the market, as investors responded positively to Tesla’s resilient performance amid challenges like inflation and supply chain pressures.
ALSO READ: Tesla Driverless Cabs To Launch In US Next Year, Elon Musk Confirms Plans
Additionally, Musk’s announcements about Tesla’s driverless vehicle plans further ignited investor enthusiasm. Speaking during Tesla's quarterly earnings call on Wednesday, Musk revealed that the company intends to launch fully autonomous, driverless ride-hailing services in California and Texas by next year. Currently, Tesla offers an app-based ride-hailing service with a safety driver for employees in the San Francisco Bay Area.
Musk’s new announcement reflects his vision to remove safety drivers entirely, with a target to launch these “paid rides” as soon as regulatory conditions allow. This timeline builds on his previous statement at Tesla’s recent Robotaxi event, where he projected the release of “unsupervised” self-driving Teslas by 2025.
The ambitious plans align with Tesla's efforts to solidify its position as a leader in the autonomous driving space. Market analyst Patrick O'Hare at Briefing.com suggested that “the excitement over Tesla's report and outlook” is a driving force behind the stock’s recent rally. As Tesla forges ahead in both EV and self-driving technology, the company's recent financial performance demonstrates its continued ability to generate revenue and inspire investor confidence.
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