Tesla's recent surge in stock prices has catapulted Elon Musk's wealth to $270.3 billion, further solidifying his position as the world's richest person. On Thursday, Tesla's stock price saw its largest increase in a decade, adding $33.5 billion to Musk's net worth and reinforcing his top spot on the Bloomberg Billionaires Index.
The stock closed up 22% on Thursday, turning positive for the year after the company reported its largest quarterly profit since the summer of 2023. In a webcast following the earnings release, Musk predicted a 30% increase in Tesla's vehicle sales for next year and announced that the Cybertruck achieved profitability for the first time on a quarterly basis.
Previously, Tesla, the world's largest electric vehicle manufacturer, had posted disappointing results for four consecutive quarters due to a slowdown in consumer demand. Musk's wealth increase this time is the third-largest in his history, bringing his fortune to $270.3 billion, which is $61 billion more than that of the second-ranked Amazon founder, Jeff Bezos.
Tesla stocks and options account for about two-thirds of Musk's wealth, and he also holds significant shares in SpaceX, social media platform X, and artificial intelligence company xAI. The 53-year-old Musk has also garnered attention for his increasingly public and financially supportive stance towards former U.S. President and Republican presidential candidate Donald Trump.
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In the past few weeks, he has campaigned alongside Trump in Pennsylvania and has invested $75 million into his Super PAC, which focuses on funding Republican voter turnout efforts and digital advertising. Trump has stated that if he is re-elected, he would appoint Musk to lead a new department aimed at reducing bureaucratic red tape, dubbed the "Department of Government Efficiency."In a live webcast following Tesla's earnings report, Musk stated that if he were to be appointed in a potential second Trump administration, he would push for a federal approval process for autonomous vehicles. Tesla views autonomous vehicles as a key area of growth. Musk said he expects Tesla to begin launching Cybercab autonomous taxis in 2026, with plans for the company to eventually produce between 2 and 4 million units annually. Musk stated:
"*My prediction is that Tesla will become the most valuable company in the world, and possibly far surpass other companies.*"
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