Elon Musk, CEO of Tesla, has made an incredible financial leap, adding $26.5 billion to his net worth in just one day after Tesla’s stock price soared.
On November 6th, Tesla’s stock surged by 14.7%, reaching its highest point since July 2022. This massive increase marked the biggest gain globally on that day, solidifying Musk’s position as the wealthiest person in the world with a net worth of $290 billion.
This “historic bet” is closely tied to Tesla’s outstanding growth. After reporting a third-quarter profit of $2.5 billion, an 8% increase compared to the same period last year, Tesla’s stock saw a dramatic rise. The result not only surpassed analysts’ predictions but also showcased Tesla’s strong position in the electric vehicle (EV) industry, despite challenges faced by the sector.
Musk continues to invest heavily in Tesla’s innovation and future growth, with a personal investment of over $130 million. This highlights his role not only as a visionary leader but also as a risk-taking investor committed to pushing the boundaries of the electric vehicle market.
While Tesla’s stock surged, its competitors like Rivian Automotive and Lucid Group saw their stock prices drop, losing 10% and 8% respectively. Additionally, European EV manufacturers faced declines due to concerns about potential tax increases on imported vehicles, which caused further anxiety within the industry.
Elon Musk is not the only billionaire benefiting from this financial boom. Jeff Bezos, the second-richest person in the world, saw his net worth increase by $7 billion as Amazon’s stock rose by 4%, hitting an all-time high. On the same day, Brian Armstrong, CEO of Coinbase, saw his net worth grow by $2.6 billion after Coinbase’s stock surged 31%. Additionally, Michael Saylor, founder of MicroStrategy and a well-known Bitcoin advocate, earned nearly $600 million as his company’s stock climbed 13%, reaching its highest value of the year at $258 per share.
This dynamic financial landscape highlights the growing influence of tech entrepreneurs and CEOs on global markets. Tesla’s strong performance, alongside impressive earnings, has cemented Elon Musk’s status as not only a company founder but also a symbol of modern investment and business success.
