Elon Musk’s Net Worth Soars $30 Billion in Single Day on Tesla Stock Surge
Elon Musk, the CEO of Tesla and SpaceX, saw his net worth skyrocket by over $30 billion in just one day, following a remarkable surge in Tesla’s stock price. The electric vehicle manufacturer’s shares jumped 22% after the company reported strong third-quarter earnings that exceeded market expectations.
Tesla’s market value increased by an astounding $153 billion as investors reacted positively to the company’s financial performance. The surge was primarily driven by higher-than-expected gross margins and announcements of plans, including the development of a lower-cost vehicle by 2025. Musk also projected up to 30% growth in vehicle deliveries for the coming year, further bolstering investor confidence.
As a result of this dramatic increase, Musk’s net worth now exceeds $270 billion, according to Bloomberg’s Billionaires Index. This latest surge has solidified his position as the world’s richest person, surpassing other notable billionaires such as Jeff Bezos and Larry Ellison.
The majority of Musk’s wealth stems from his 13% stake in Tesla and 304 million stock options from a 2018 compensation package. His Tesla stake alone is now valued at approximately $123 billion. However, Musk’s financial portfolio extends beyond the electric vehicle company.
SpaceX, Musk’s private space exploration company, represents his second-largest source of wealth. His 42% stake in the company is valued at over $80 billion. Additionally, Musk holds stakes in various other ventures, including X (formerly Twitter), The Boring Company, Neuralink, and xAI. Bloomberg estimates the combined value of these stakes at $24 billion.
This significant increase in Musk’s net worth underscores the volatile nature of wealth tied to stock market performance, particularly in the tech sector. As Tesla continues to make strides in the electric vehicle market and Musk’s other ventures progress, the billionaire’s financial standing remains a subject of keen interest in both financial and tech circles.
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