Elon Musk's Net Worth Rises to $270.3 Billion After Tesla's Surge
Elon Musk, the world's richest man, saw his net worth rise exponentially by $270.3 billion on October 24 after it had climbed $33.5 billion as Tesla Inc. shares jumped 22 percent during the day, its biggest one-day rise in more than ten years, according to a Bloomberg report.
Shares in Tesla skyrocketed after the electric car maker reported its third-profit quarter, its highest one since summer 2023. Musk reaps most of his cash from Tesla shares and options holdings, which currently accounts for around 75 percent of his overall riches. Other company interests of Musk include SpaceX, the private space venture; X, the social media platform originally known as Twitter; and xAI, an artificial intelligence firm.
According to the Bloomberg Billionaire Index, the lead held by Musk now stands at $61 billion over Jeff Bezos, founder of Amazon and the world's second-richest individual.
Optimistic about the future, Musk projects a 30 percent possibility of growth in vehicle sales through further projections based on the earnings report webcast. He also promises that the Cybertruck has already reached its first quarterly profit. That's good news coming from a company that just had to live with three disappointing quarters of loss against the slowdown in demand.
In addition, Musk announced plans to release Cybercab robotaxis into markets by 2026, targeting volumes between 2 to 4 million units per year. "My prediction is that Tesla will become the most valuable company in the world, probably by a long shot", he said confidently.
More than his business pursuits, political ambitions of Musk are also making headlines. A US immigrant, he has been vocal about Trump in the lead-up to the November polls. In recent weeks, Musk has been campaigning with Trump across the state of Pennsylvania and vowed to spend a whopping $75 million of his own money on his super PAC to finance GOP get-out-the-vote efforts and digital advertising.
During the webcast, Musk said he would be willing to lobby for federal approval of autonomous vehicles if presented with a second role in a hypothetical Trump administration. Trump has suggested that he would add Musk to a new department devoted to reducing bureaucratic red tape, which is to be called the Department of Government Efficiency, if he wins re-election.