Elon Musk adds $30 billion to his net worth in one day after declaring: 'Tesla will become the most powerful company in the world'
Elon Musk, already the world's richest man, saw his wealth grow by an astonishing $34 billion in one day on Thursday, cementing his lead at the top of the super-rich rankings. The rise in Tesla's net worth followed a blockbuster earnings report that sent the company's stock up 22%, marking its best performance since 2013.
Tesla's latest quarterly results, though mixed, delivered one key ingredient that investors have been eagerly awaiting: profit. The electric vehicle giant posted its biggest quarterly profit since mid-2023, a rebound after four consecutive quarters of disappointing earnings. This came despite revenue falling short of expectations, which many feared would drag the company down. Optimism, however, was fueled by Musk's confident projections during the earnings call, where he announced that Tesla will see vehicle sales grow by 20% to 30% in the coming year.
The real surprise, however, came in Musk's announcement that Tesla's long-awaited Cybertruck finally turned profitable for the first time in its quarterly sales — a milestone that investors took as a sign of the company's ability to invent a way out of production woes.
Musk's personal wealth gain—$30 billion in one day—was his third-largest single-day increase, pushing his fortune to $270.3 billion and widening the gap between him and the world's second-richest man, Jeff Bezos, by $61 billion. Tesla stock, which accounts for three-quarters of Musk's net worth, has been the driving force behind his extraordinary financial rise, though his stake in SpaceX, social media platform X, and AI venture xAI have also contributed.
On the earnings call with analysts, Musk was clear about his vision for Tesla's future: dominance in the electric car market and beyond.
“My prediction is that Tesla will become the most valuable company in the world, and probably by a long shot,” Musk declared.
Tesla's push into autonomous driving is central to its future strategy. Musk has revealed plans to roll out “Cybercab” robotoxies by 2026, with a production target of millions per year. He added that regulatory hurdles remain a challenge but expressed confidence that Tesla will lead the autonomous revolution.
Musk's bullish outlook, however, raises questions. One is the delayed launch of the Tesla Roadster, an upgraded version of its original sports car. The Roadster, first announced in 2017, has seen its production timeline pushed back repeatedly, with Musk now claiming it is “closer” to finalization. He hinted that its release, when it comes, will be “spectacular”.
Read more fate'Elon Musk's coverage:
About The Author
