Elon Musk’s Wealth Soars To $270.3 Billion After Tesla’s Record-Breaking Profit: What’s Behind The Massive Gains?

Elon Musk, the world’s richest man, saw his wealth grow by an astonishing $33.5 billion on October 24, after his electric vehicle company, Tesla Inc., posted its largest share gain in over a decade. This significant increase in Musk’s fortune, which brings his total net worth to $270 billion, comes as Tesla’s stock skyrocketed following its third-quarter earnings report. Tesla’s shares surged by 22%, marking the company’s best day in the stock market since the early 2010s.

Musk’s Wealth Surpasses Bezos by $61 Billion

According to the Bloomberg Billionaire Index (BBI), Musk is now $61 billion ahead of Amazon founder Jeff Bezos, solidifying his position as the world’s richest person. A large portion of Musk’s wealth—approximately 75%—comes from Tesla shares and stock options, while the remainder is generated from his other ventures, including SpaceX, X (formerly known as Twitter), and artificial intelligence company xAI.

Tesla’s Record Quarterly Profit Fuels Stock Rally

Tesla’s Q3 FY24 earnings revealed the company’s largest quarterly profit since the summer of 2023. This performance turned the tide for the world’s largest electric vehicle (EV) manufacturer, which had faced three consecutive quarters of slowing demand and declining earnings. During a webcast following the earnings report, Musk projected up to 30% growth in Tesla’s vehicle sales moving forward. He also announced that the Cybertruck had delivered its first-ever quarterly profit, adding to Tesla’s resurgence.

Musk’s predictions don’t stop there. He anticipates Tesla will begin rolling out Cybercab robotaxis in 2026, with the goal of producing 2-4 million units annually in the near future. Speaking with optimism, Musk remarked, “My prediction is Tesla will become the most valuable company in the world, and probably by a long shot.”

Musk’s Political and Business Ambitions Align

While Musk continues to grow his business empire, his political involvement has also been making headlines. The billionaire has openly expressed his support for former U.S. President Donald Trump ahead of the upcoming U.S. elections. Over recent weeks, Musk has campaigned with Trump in Pennsylvania and contributed $75 million to his own super PAC, which supports Republican voting initiatives and digital advertising.

Musk’s political ambitions seem to align with his business goals, as he stated during the Tesla webcast that he would advocate for federal approval processes for autonomous vehicles if given a government position. Trump, for his part, has praised Musk’s leadership and proposed that he would offer Musk a role as the head of a newly-formed “Department of Government Efficiency” aimed at reducing bureaucratic red tape, should Trump be elected to a second term.

Musk’s Future Vision: Tesla and Beyond

As Musk continues to expand his wealth and influence, his vision for Tesla is growing increasingly ambitious. With Cybertruck’s success and plans for robotaxi production, Tesla’s future looks brighter than ever. Musk’s strategic business moves and increasing political involvement suggest that his ambitions go beyond just making Tesla the most valuable company in the world—he is positioning himself as a powerful force in both the business and political spheres.