2024-10-25 06:33:24 :
Elon Musk’s net worth increased by $33.5 billion on Thursday as Tesla Inc. shares posted their biggest gain in more than a decade, extending the world’s richest man’s $33.5 billion boost Leading position in the Millionaire Index.
Shares ended the day up 22% after the automaker reported its biggest quarterly profit since the summer of 2023, putting it in positive territory for the year. In a post-launch webcast, Musk predicted that car sales would grow 30% next year and announced that Cybertruck would make a quarterly profit for the first time.
After four consecutive quarters of disappointing earnings, the world’s largest electric carmaker is struggling amid slowing consumer demand.
Musk’s wealth gain is his third-largest ever, bringing his wealth to $270.3 billion, $61 billion ahead of second-place finisher Jeff Bezos. Tesla stock and options account for about three-quarters of his wealth, which also includes large stakes in SpaceX, social media platform X and artificial intelligence company xAI.
Musk, 53, has also been in the spotlight for his increasingly vocal and costly support for Republican candidate Donald Trump. He has spent the past few weeks campaigning with Trump in Pennsylvania and spending $75 million to establish his own super PAC, which is focused on funding Republican get-out-the-vote efforts and digital advertising.
Trump has said that if he is re-elected, he will ask Musk to lead a new department, nicknamed the “Department of Government Effectiveness,” focused on minimizing bureaucratic red tape.
In a webcast after Tesla’s earnings report, Musk said he would push for a federal approval process for self-driving cars if he was appointed to serve in a potential second Trump administration. Tesla sees self-driving cars as a key growth area. Musk said he expects Tesla to begin rolling out Cybercab robot taxis in 2026, and plans for the company to eventually produce 2 million to 4 million units per year.
“My prediction is that Tesla will become the most valuable company in the world, and it’s probably out of reach,” Musk said.
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