Tesla profits help add $34 billion to Elon Musk’s fortune in a single day

Elon Musk is already the richest man globally. But the entrepreneur noted another significant achievement on Thursday as his fortune increased by $34 billion in just a single day. The surge made him richer than Jeff Bezos, the second-richest man, by $61 billion.

The notable spike in Musk’s fortune came after a blockbuster earnings report from Tesla that sent the multinational automotive and clean energy company’s shares soaring by 22%, marking its best performance since 2013.

Q3 2024 Shareholder Update → https://t.co/sXBSeLibSL

— Highlights

– Produced our 7 millionth vehicle at Fremont factory!

– Preparations for new vehicles remain underway (including more affordable models), which we'll begin launching in the first half of 2025

– Record gross… pic.twitter.com/is1UhqdH7r

— Tesla (@Tesla) October 23, 2024

Tesla could become the most valuable company globally

Tesla has released its quarterly results. The report delivers mixed outcomes, but there is one critical element that definitely got the investors elated – profits. Tesla posted its largest quarterly profit since mid-2023, a rebound after 4 quarters of disappointing results.

Chief Executive Musk expects his EV giant to see vehicle sales increase of 20% to 30% in the coming year. During the earnings call, he declared his prediction that Tesla could become the most valuable company globally, and probably by a long shot.

The real surprise came during the announcement that Tesla Cybertruck had finally achieved profitability for the first time in its quarterly sales. Musk has a clear vision for Tesla’s future: dominance in the electric vehicle market and beyond.

Tesla shares – driving force behind Elon Musk fortune rise

The $34 billion surge in Elon Musk’s fortune in a single day marks the entrepreneur’s third-largest single-day increase ever, pushing his fortune to $270.3 billion. Tesla shares have been the driving force behind his extraordinary financial rise.

But Musk’s stake in space company SpaceX and social media platform X have also made substantial contributions to his fortune. In case of Tesla, Musk plans to roll out ‘Cybercab’ robo-taxis as soon as 2026. But there is a sizeable delay of the Tesla Roadster.