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%.
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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.
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.
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.
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.
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source https://www.foxbusiness.com/business-leaders/elon-musks-net-worth-jumps-26-billion-after-tesla-shares-surge
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