Elon Musk, already the world's richest person, saw his fortune grow by a staggering $34 billion in a single day on Thursday, cementing his lead in the world's richest ranks. His rise in value followed a blockbuster earnings report from Tesla that sent the company's stock up 22%, marking its best performance since 2013.
Tesla's latest quarterly results, while mixed, did deliver one important thing investors have been waiting for: profits. The electric car giant posted its biggest quarterly profit since mid-2023, a rebound after four straight quarters of earnings. This came despite missing revenue expectations, which many feared would continue to drag the company down. However, optimism was fueled by Musk's optimistic predictions during the earnings call, where he announced that Tesla could see a 20% to 30% increase in car sales next year.
The real surprise, however, came in Musk's announcement that Tesla's long-awaited Cybertruck finally turned a profit for the first time in its quarterly sales—a milestone that investors took as a sign of the company's ability to find its way out of production woes.
Musk's wealth gain—$30 billion in one day—was his third largest one-day increase, bringing his fortune to $270.3 billion, and widening the gap between him and the world's richest man, Jeff Bezos, by $61 billion. Tesla stock, which makes up three-quarters of Musk's net worth, has been the main reason for his dramatic financial rise, although his shares in SpaceX, social network X, and AI venture xAI have also contributed.
On an earnings call with analysts, Musk was clear about his vision for Tesla's future: dominance in the electric vehicle market and beyond.
“My prediction is that Tesla will be the most valuable company in the world, and probably by a long shot,” Musk said.
Tesla's push into autonomous driving is central to its future strategy. Musk revealed plans to roll out the “Cybercab” robotaxis as soon as 2026, aiming to produce millions a year. He added that regulatory hurdles remain a challenge but expressed confidence that Tesla will lead the autonomous revolution.
However, Musk's idealism comes with questions. One is the continued delay of the Tesla Roadster, an upgraded version of its first sports car. The Roadster, first announced in 2017, has seen its production timeline pushed back several times, with Musk now saying it's “closer” to completion. He indicated that its release, when it comes, will be “spectacular.”
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