Elon Musk Adds $21 Billion to Wealth in a Single Day as Tesla Shares Surge by 19%

Elon Musk, currently the world’s wealthiest individual, saw his net worth rise by $21 billion on Thursday following a 19% surge in Tesla’s stock on Wall Street. The electric vehicle giant’s recent earnings report fueled a significant rally, with Tesla’s share price jumping over 19% by 11:30 a.m. EDT, according to Forbes.

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Tesla’s Record Gains Boost Elon Musk Wealth and Market Cap

Positive investor sentiment in the American market followed Tesla’s third-quarter profit report, the highest in eight quarters. Morgan Stanley analyst Adam Jonas noted that the report highlights Tesla’s commitment to profitable growth in the auto industry. As the company’s largest shareholder, Elon Musk saw his net worth soar by $21 billion, putting him $50 billion ahead of the world’s second-richest person. Thursday marked Tesla’s best day on the stock market since March 2021, adding $117 billion to its market capitalization, as reported by Forbes.

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Tesla Reports Strong Third-Quarter Profits and Revenue Growth

Under Elon Musk’s leadership, Tesla announced third-quarter profits of $2.2 billion, reflecting a 17% increase compared to the same period last year, alongside an 8% rise in revenues to $25.2 billion. Market analyst Patrick O’Hare from Briefing.com remarked that the current enthusiasm surrounding Tesla’s report and future prospects appears to be the primary factor driving investor sentiment.

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Elon Musk’s Driverless Ride-Hailing Plans Boost Investor Confidence

Investor sentiment was further enhanced by Elon Musk’s announcements on Wednesday regarding Tesla’s plans to launch driverless ride-hailing services to the public in California and Texas next year. During Tesla’s quarterly earnings call, Musk stated, “We think that we’ll be able to have driverless Teslas doing paid rides next year.” He also mentioned that Tesla is currently providing an app-based ride-hailing service, featuring a safety driver, to its employees in the San Francisco Bay Area. His statement reinforced and elaborated on a commitment made during Tesla’s Robotaxi unveiling two weeks earlier, where he expressed his expectation to launch “unsupervised” self-driving capabilities in select Tesla vehicles by 2025.

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