Elon Musk adds $33.5 billion to his wealth in a single day, net worth jumps to $270.3 billion - Here's how

Elon Musk net worth: Elon Musk, the co-founder and CEO of Tesla, is in the news again. On October 24, 2024, he added an incredible $33.5 billion to his net worth after Tesla¡¯s shares soared, marking the company¡¯s biggest jump in over a decade. This massive gain pushes Musk's total net worth to an impressive $270.3 billion as per Bloomberg.

Tesla¡¯s Share Price Rises

Tesla Inc., the world¡¯s top electric vehicle maker, saw a significant 22% rise in its share price after it released its third-quarter earnings report. According to Bloomberg, this increase was fueled by the company posting its largest quarterly profit since the summer of 2023. Even though Tesla¡¯s latest quarterly results were mixed, the key point that caught investors¡¯ attention was the profit announcement, signalling a recovery after four quarters of disappointing results.

Strong Earnings Boost Investor Confidence

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Even though Tesla didn¡¯t meet revenue expectations, Musk¡¯s upbeat remarks during the earnings call inspired confidence among investors. He suggested that Tesla could achieve a 20% to 30% increase in vehicle sales over the coming year, which added to the positive outlook on the company¡¯s future.

The biggest surprise came when Musk announced that the much-anticipated Cybertruck has finally turned a profit. This important milestone was welcomed by investors, as it showed Tesla¡¯s ability to innovate and overcome production challenges.

"My prediction is that Tesla will become the most valuable company in the world, probably by a large margin," Musk confidently stated, fuelling excitement around the brand.

Tesla¡¯s Future Plans

Musk also revealed exciting plans for Tesla¡¯s future, particularly the launch of "Cybercab" robotaxis, expected to be introduced by 2026. He acknowledged that there are regulatory challenges ahead but expressed optimism that Tesla will lead the way in the autonomous vehicle sector.

However, some concerns remain about the delayed release of the Tesla Roadster, an upgraded version of the original sports car. Originally announced in 2017, the production timeline has faced several setbacks, with Musk indicating that it is now "close" to being finalised and hinting that the launch will be "spectacular."

Musk Surpasses Jeff Bezos

As a result of this substantial financial boost, Musk now stands $61 billion ahead of Jeff Bezos, who was previously the richest person in the world, according to the Bloomberg Billionaire Index (BBI). Notably, about 75% of Musk's wealth comes from his holdings in Tesla shares and options. Besides Tesla, Musk is also known for his ventures in the private space industry with SpaceX, the social media platform X (formerly known as Twitter), and the artificial intelligence company xAI.

Political Aspirations and Business Goals

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Musk has recently been more vocal about his political views, particularly his support for former President Donald Trump. In the lead-up to the upcoming elections, Musk has actively campaigned in Pennsylvania alongside Trump and has contributed $75 million to his super PAC, which focuses on encouraging Republican voter turnout.

During a recent webcast, Musk expressed his desire to advocate for a more straightforward federal approval process for autonomous vehicles if he gets a second chance in a future Trump administration. Trump, in return, has suggested that Musk could lead a new department aimed at cutting bureaucratic obstacles.

Who Is Elon Musk?

Elon Reeve Musk was born on June 28, 1971, in Pretoria, South Africa. He has a rich heritage of British and Pennsylvania Dutch ancestry. His mother, Maye Musk, is a well-known model and dietitian from Canada, while his father, Errol Musk, is an engineer and property developer from South Africa.

Elon grew up in a wealthy family and attended various schools in South Africa before moving to Canada and then the United States. His educational journey included studying at the University of Pennsylvania, where he earned degrees in both physics and economics.

Musk¡¯s journey to becoming one of the world¡¯s richest individuals is marked by innovation, ambition, and a relentless pursuit of excellence, especially in fields like electric vehicles and space travel.