CEO Elon Musk expressed strong confidence in Tesla’s future when he declared that the company will become the world’s most valuable enterprise.
Billionaire Elon Musk , currently the world’s richest person, added $34 billion to his fortune in just one day on October 24, further cementing his position at the top of the 2024 billionaires list. His net worth skyrocketed after Tesla posted impressive earnings, sending the company’s stock price up 22%, marking its biggest gain since 2013.
Tesla’s latest quarterly report delivered a key piece of news investors have been waiting for: profits. The electric car giant posted its highest quarterly profit since mid-2023, rebounding from four straight quarters of disappointing results.
Despite the revenue miss, optimism was fueled by Mr. Musk’s confident forecasts that Tesla could record 20% to 30% growth in vehicle sales next year.
Tesla CEO Elon Musk’s fortune increased by $34 billion in just one day (Photo: AFP)
The real surprise, however, came from Mr Musk’s announcement that Tesla’s long-awaited Cybertruck electric pickup truck had finally turned a profit for the first time in quarterly sales, a milestone that investors saw as evidence of the company’s ability to innovate in overcoming manufacturing challenges.
With a net worth of $270.3 billion, Musk has widened the gap with the second-richest person, Jeff Bezos, by $61 billion. Tesla stock, which accounts for three-quarters of Musk’s net worth, is the main driver behind this extraordinary increase, although his investments in SpaceX, social media platform X, and AI project xAI have also contributed.
During a meeting with analysts, Musk laid out his vision for Tesla’s future: Dominating the electric vehicle market and beyond.
“My prediction is that Tesla will become the most valuable company in the world and will likely lead by a large margin,” Mr. Musk said.
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