Tesla CEO Elon Musk saw a significant increase in his net worth after the company's stock price skyrocketed by 22% on Thursday.
This surge came after Tesla announced its third-quarter earnings, which exceeded expectations in several important areas.
Elon Musk's Wealth Soars as Tesla's Stock Surge
The boost in Tesla's stock not only raised its market value by around $150 billion but also pushed Musk's estimated net worth to over $270 billion, according to Bloomberg's Billionaire Index.
This jump in Musk's wealth can be attributed to several factors outlined in Tesla's earnings report. The company achieved its highest profit margins yet, and its cost of goods sold reached a new low.
Additionally, it marked the first time in seven quarters that Tesla had an increase in earnings. Investors responded positively to these promising results, further contributing to the stock's rapid increase.
In the earnings call, Musk shared exciting future plans for Tesla. He indicated that the company is preparing to offer rideshare services next year in California and Texas, with hopes to gain approval for fully autonomous driving.
Musk's Ambitious Projections
Musk also projected a growth rate of 20% to 30% for vehicle deliveries in 2025, with plans to introduce more affordable models in early 2024. He confidently stated that he believes Tesla could become the most valuable company in the world.
Musk holds approximately 13% of Tesla's shares, which are currently worth about $123 billion. His wealth also comes from other ventures, including SpaceX, where he owns a significant stake valued at over $80 billion, said Markets Insider.
Additionally, he has investments in X, The Boring Company, Neuralink, and xAI, contributing another estimated $24 billion to his net worth. With the rise in Tesla's stock price, Musk solidifies his position as the world's richest person, significantly ahead of other billionaires like Jeff Bezos and Larry Ellison.
