Elon Musk's net worth jumps $26B after Tesla shares surge
Tesla released its 3rd-quarter earnings on Wednesday
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Tesla CEO Elon Musk added more than $26 billion to his wealth on Thursday after shares of the electric vehicle maker surged in response to its strong quarterly results.
Musk's fortune also posted gains on Friday, increasing by $4.3 billion since the end of Thursday's trading, Forbes' real-time wealth tracker showed. His net worth hovered around $274.1 billion as of Friday morning.
Tesla shares went on a tear in the wake of the release of its quarterly earnings on Wednesday. It reported a 7.8% year-over-year increase in third-quarter revenue and a 16.9% jump in third-quarter net income. Its gross margin, meanwhile, came in at 19.8%.
Elon Musk during a T-Mobile and SpaceX joint event on Aug. 25, 2022 in Boca Chica Beach, Texas. (Photo by Michael Gonzalez/Getty Images / Getty Images)
ETFS HEAVY IN ELON MUSK'S TESLA
In its quarterly shareholder presentation, the electric vehicle maker said it "expect[s] to achieve slight growth in vehicle deliveries in 2024" in spite of "ongoing macroeconomic conditions." Delivery of affordable Tesla models was "still on-track" for the first half of 2025, it also said.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 342.03 | -3.97 | -1.15% |
Musk told analysts and investors that Tesla was "profitable despite a very challenging automotive environment" and remained bullish about the company’s autonomous vehicle efforts, including the recently unveiled Cybercab.
Tesla Model Y and Model 3 vehicles seen on display at a store in Tokyo. (Photo by Stanislav Kogiku/SOPA Images/LightRocket via Getty Images / Getty Images)
His current net worth comfortably maintains his status as the richest person in the world, according to Forbes.
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Behind Musk, fellow billionaires Larry Ellison and Jeff Bezos held the second- and third-place spots on the outlet’s real-time ranking with net worths of $213.9 billion and $206.9 billion, respectively.
Elon Musk arrives at the Tenth Breakthrough Prize Ceremony at the Academy Museum of Motion Pictures in Los Angeles on April 13, 2024. (Photo by ETIENNE LAURENT/AFP via Getty Images / Getty Images)
A report from Informa Connect Academy projected in September that Musk could become the first-ever trillionaire within the next couple of years. It also suggested Tesla’s market capitalization could hit $1 trillion by 2025.