Elon Musk Gains $21 Billion In Just 24 Hours: Here’s How The Billionaire’s Net Worth Skyrocketed

The lead of Musk, who is currently the wealthiest person globally, has now extended by $50 billion compared to the second-richest individual.

Elon Musk’s net worth saw a significant increase on Thursday, rising by $21 billion as Tesla’s stock surged by nearly 19% following the company’s impressive third-quarter earnings report. This surge in Tesla’s stock price resulted in the company’s largest single-day rally since March 2021, driving its market value up by $117 billion.

By mid-morning trading, the stock surge highlighted investors’ strong belief in the company’s growth prospects, following Tesla’s announcement of a 17% profit rise compared to the previous year, amounting to $2.2 billion. Additionally, revenue saw an 8% increase, reaching $25.2 billion, as reported by AFP.

The gap between Musk and other billionaires widens on the leaderboard.

Elon Musk, who is currently the wealthiest individual globally, has further extended his advantage over the second-richest person by $50 billion, primarily due to his significant investment in Tesla. Tesla’s impressive profits, representing the company’s most robust quarterly financial performance in the past two years, underscore its capacity to generate strong sales in a fiercely competitive electric vehicle (EV) industry.

Tesla’s emphasis on profitability was highlighted by analysts, including Adam Jonas from Morgan Stanley, who emphasized the company’s commitment to growing its automotive business in a profitable manner. This sentiment was well-received by investors, who viewed Tesla’s strong performance in the face of obstacles such as inflation and supply chain disruptions positively.

Moreover, the excitement among investors was fuelled by Musk’s revelations regarding Tesla’s autonomous vehicle strategies. Musk shared the company’s ambitious goal of introducing driverless ride-hailing services in California and Texas within the year during Tesla’s recent quarterly earnings call. Presently, Tesla operates a ride-hailing service in the San Francisco Bay Area, which includes an app-based system with safety drivers for its employees.

Elon Musk’s recent declaration underscores his ambition to eliminate safety drivers completely, aiming to introduce these autonomous “paid rides” once regulatory requirements permit. This updated schedule expands upon his previous remarks made during Tesla’s recent Robotaxi conference, where he envisioned the rollout of driverless Teslas by 2025.

Tesla’s ambitious strategies are in line with the company’s aim to reinforce its dominance in the autonomous driving sector. Patrick O’Hare, a market analyst at Briefing.com, indicated that the enthusiasm surrounding Tesla’s updates and future prospects is a key factor propelling the recent surge in the stock price. With advancements in electric vehicles and self-driving capabilities, Tesla’s recent financial results showcase its ongoing capacity to drive revenue and instill trust among investors.