Elon Musk, the tech mogul and CEO of Tesla, experienced a significant wealth boost on Thursday, adding a whopping $33.5 billion to his net worth. This dramatic increase was directly linked to a 22% surge in Tesla Inc.’s (TSLA) stock price, marking the company’s most substantial stock gain in over a decade.
The stock surge came on the heels of Tesla’s announcement of its highest quarterly profit since mid-2023. During a webcast, Musk projected an optimistic outlook, predicting up to 30% growth in vehicle sales for the upcoming year. The Cybertruck also contributed to a quarterly profit for the first time, adding to Tesla’s positive financial performance.
By the closing bell, Tesla’s market value had skyrocketed by nearly $150 billion, marking the stock’s best day since 2013. This remarkable financial leap came after Tesla endured four consecutive quarters of underwhelming earnings amid a decline in consumer demand.
Musk’s fortune now stands at a staggering $270.3 billion, placing him a comfortable $61 billion ahead of Jeff Bezos on the Bloomberg Billionaires Index.
This recent surge in Tesla’s stock can be attributed to its strong third-quarter performance, which surpassed earnings estimates and highlighted improving margins. Analysts have pointed to the company’s robust vehicle delivery outlook for 2025 as a key factor in its recent success.
The rebound in tech stocks on Thursday, with Tesla leading the charge, further bolsters the company’s positive momentum. The recent earnings report has been met with enthusiasm by analysts. Gary Black, Managing Partner at The Future Fund LLC, described Tesla’s performance as a “clean beat.” Black emphasized Tesla’s significant outperformance across key metrics, which contributed to a 12.10% rise in after-hours trading.
This remarkable surge in Tesla’s stock and Elon Musk’s net worth is a testament to the company’s strong financial performance and optimistic future outlook. The company’s commitment to innovation and its growing market share continue to drive investor confidence and fuel its impressive financial growth.
