Musk’s Wealth Skyrockets After Tesla’s Best Day Since 2013
Tesla CEO Elon Musk, already the wealthiest person on the planet, gained a staggering $26 billion in paper wealth after Tesla’s stock surged 22%, marking the company’s biggest one-day rally since 2013. With his fortune now at an estimated $269 billion, Musk remains more than $50 billion ahead of Oracle’s Larry Ellison, who is Tesla’s former board member.
Tesla Shines After Earnings Beat Expectations
The stock surge followed Tesla’s impressive Q3 earnings report, where the company posted earnings per share of 72 cents, beating analysts’ predictions of 58 cents. The positive results were further bolstered by revenue from environmental regulatory credits and Tesla’s Full Self-Driving (FSD) supervised system, leading to heightened investor confidence.
Tesla’s Growth Forecast Fuels Optimism for 2024
Musk’s optimistic forecast for vehicle growth—expected to be between 20% and 30% in 2024—helped reverse Tesla’s recent stock slump, propelling shares upward and boosting market confidence. Tesla’s stock, which had been underperforming, is now up 5% for the year, despite broader market challenges.
