Elon Musk, already the richest man in the world, saw his wealth increase by $34 billion in a single day on Thursday, consolidating his lead at the top of the ultra-rich rankings. The increase in his net worth follows a blockbuster earnings report from Tesla that sent the company’s shares up 22%, marking its best performance since 2013.
Tesla’s latest quarterly results, while mixed, delivered a key element 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 profits. This came despite lower-than-expected revenue, which many feared would continue to drag the company down. That optimism, however, was driven by Musk’s confident projections during the earnings conference call, during which he said Tesla could see its vehicle sales increase 20 to 30 percent in the coming year.
The real surprise, however, came from Musk’s declaration that Tesla’s long-awaited Cybertruck had finally reached profitability for the first time in its quarterly sales – a milestone that investors took as a sign of Tesla’s ability to the company to innovate to overcome production problems.
Musk’s gain in personal wealth – $30 billion in one day – marks his third-largest single-day increase, taking his fortune to $270.3 billion and widening the gap between him and the second-most valuable man. The world’s richest man, Jeff Bezos, is worth $61 billion. Tesla shares, which account for three-quarters of Musk’s net worth, have been the driving force behind his extraordinary financial rise, although his stakes in SpaceX, social media platform contributed.
During the earnings call with analysts, Musk was clear about his vision for Tesla’s future: dominance in the electric vehicle market and beyond.
“I predict that Tesla will become the most valuable company in the world, probably by far,” Musk said.
Tesla’s push toward autonomous driving is central to its future strategy. Musk revealed plans to roll out the “Cybercab” robo-taxi as early as 2026, with production targets in the 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 raises questions, however. One of them is the continued delay of the Tesla Roadster, an upgraded version of its original sports car. The Roadster, first announced in 2017, has seen its production schedule pushed back several times, with Musk now saying it is “close” to completion. He hinted that his release, when it comes, will be “spectacular.”
