Tesla CEO Elon Musk experienced a monumental increase in his net worth, adding $33.5 billion in one day. This significant growth has solidified Musk’s status as the world’s wealthiest person, bringing his total net worth to approximately $270 billion, according to the Bloomberg Billionaires Index. This single-day gain for Musk dramatically outpaced the rise of other global billionaires, with Bernard Arnault, CEO of luxury goods giant LVMH, achieving a $4.5 billion increase.
Tesla Shares Reach Historic High
Tesla’s stock skyrocketed 22%, the highest surge since 2013, largely due to the company’s strong financial performance in the third quarter. Tesla reported a $2.5 billion profit for Q3, marking its most profitable quarter of the year. This record-setting quarter was a welcome turnaround for the electric vehicle (EV) manufacturer, which has recently faced challenging quarters.
This profit report has electrified Tesla investors, who had been hoping for better returns after four disappointing quarters. Elon Musk remains confident, predicting an impressive 20-30% boost in vehicle sales next year. He also announced that Tesla’s Cybertruck segment recorded its first profitable quarter, hinting at a bright future for Tesla’s flagship electric pickup.
Musk’s Vision for Tesla and Self-Driving Technology
Musk has ambitious plans to continue innovating in the EV space. He highlighted self-driving technology as a potential growth catalyst, stating that Tesla aims to push regulators to approve this technology soon. By 2026, Tesla expects to launch a self-driving taxi called “Cybercab,” with hopes of producing between 2-4 million units annually.
“No electric car company is profitable, to my knowledge, except Tesla,” Musk commented. “Tesla’s profitability is a significant achievement in a competitive industry that has yet to see many EV companies succeed financially.”
Tesla’s goal to become the most valuable company in the world is tied to its advances in autonomous driving. Musk believes that this technology, once approved and widely adopted, will further increase Tesla’s market value.
Musk’s Wealth and Tesla Holdings
Approximately 75% of Musk’s fortune is tied to his Tesla stock and options. Beyond Tesla, Musk holds substantial stakes in his other ventures, including SpaceX, X (formerly known as Twitter), and his AI initiative, xAI. These holdings reflect Musk’s ongoing efforts to influence multiple sectors, from space exploration and social media to artificial intelligence.
The recent surge in Tesla’s stock price has set Musk apart in the rankings of the world’s billionaires, reaffirming his top position. With Tesla’s ambitious plans for self-driving technology and a robust product pipeline, Musk’s fortune could see even greater growth in the coming years.
