Ad
Ad
Tesla shares soar, boosting Elon Musk's net worth by $34 billion. Tesla’s strong quarterly profit and Cybertruck success drive Musk’s wealth to $270.3 billion.
Elon Musk, the CEO of Tesla Inc., had a significant increase in his fortune; in a single day, his net worth increased by $33.5 billion. This spike occurred after Tesla's stock saw its biggest increase in more than ten years, solidifying Musk's leadership of the Bloomberg Billionaires Index.
Tesla's stock ended Thursday's trading session up an astounding 22%, the largest one-day rise for the electric car behemoth since 2013. Following the company's announcement of its greatest quarterly profit since the summer of 2023, this recovery helped Tesla's stock performance turn positive for the year. In a webcast, Musk said that Tesla expects a 30% increase in car sales in the upcoming year, mostly crediting the success to the Cybertruck's strong performance, which saw its first quarterly profit.
Musk's fortune now stands at an astounding $270.3 billion, well ahead of Jeff Bezos by $61 billion. This is his third-largest wealth growth ever. Musk's fortune is mostly derived from his Tesla stock and options, which make up almost three-quarters of his assets. He also has sizable holdings in SpaceX, the social media network X, and the artificial intelligence startup xAI.
Musk, 53, has recently gained notoriety for his corporate endeavours but also for his political backing of Donald Trump. He has been campaigning with Trump in Pennsylvania in recent weeks and has donated $75 million to a super PAC that promotes Republican digital commercials and voter mobilisation. Trump has responded by implying that Musk would be appointed head of a new "Department of Government Efficiency" to streamline bureaucratic procedures if he is re-elected.
In the future, autonomous cars will be a key component of Tesla's business strategy. Musk has stated that the firm plans to introduce the "Cybercab" robotaxis by 2026. In the long run, Tesla wants to create two to four million autonomous cars a year. "My prediction is Tesla will become the most valuable company in the world, and probably by a long shot," Musk said, demonstrating his faith in the firm's potential.
A bright future for Tesla and Musk has been established by the company's resurgence, which was characterized by record-breaking stock gains and Musk's ambitious growth projection. Musk's strategic developments in electric and driverless cars further solidify his position as a major force in the global IT and automotive sectors.
KTM Unveiled First AMT Motorcycle: 2025 KTM 1390 Super Adventure S Evo
2025 KTM 1390 Super Adventure S Evo, featuring KTM's first AMT gearbox, advanced 8.8-inch TFT display, front radar sensor, and enhanced performance with a 1,350 cc engine.
24-Oct-2024 08:03 AM
Read Full NewsKTM Unveiled First AMT Motorcycle: 2025 KTM 1390 Super Adventure S Evo
2025 KTM 1390 Super Adventure S Evo, featuring KTM's first AMT gearbox, advanced 8.8-inch TFT display, front radar sensor, and enhanced performance with a 1,350 cc engine.
24-Oct-2024 08:03 AM
Read Full NewsMahindra XUV700 Delivery Delays: Extended Waiting period for AX7 and AX7 L Models
Rising demand has increased the waiting period for the Mahindra XUV700, especially for the top-spec AX7 and AX7 L variants, now over 2 months.
24-Oct-2024 05:28 AM
Read Full NewsMahindra XUV700 Delivery Delays: Extended Waiting period for AX7 and AX7 L Models
Rising demand has increased the waiting period for the Mahindra XUV700, especially for the top-spec AX7 and AX7 L variants, now over 2 months.
24-Oct-2024 05:28 AM
Read Full NewsMahindra XUV 3XO Waiting Period Extends to Over a Year
Mahindra XUV 3XO’s waiting period varies by variant. Learn about the long wait for petrol models and faster delivery for diesel options in our detailed guide.
23-Oct-2024 01:13 PM
Read Full NewsMahindra XUV 3XO Waiting Period Extends to Over a Year
Mahindra XUV 3XO’s waiting period varies by variant. Learn about the long wait for petrol models and faster delivery for diesel options in our detailed guide.
23-Oct-2024 01:13 PM
Read Full NewsHyundai Motor India’s IPO and Future: Expansion, EVs, and Localization Strategy
Hyundai is set to boost production capacity and introduce mass-market EVs in India by 2025, positioning itself for long-term success.
23-Oct-2024 09:13 AM
Read Full NewsHyundai Motor India’s IPO and Future: Expansion, EVs, and Localization Strategy
Hyundai is set to boost production capacity and introduce mass-market EVs in India by 2025, positioning itself for long-term success.
23-Oct-2024 09:13 AM
Read Full NewsKia K3 Achieves 5-Star Rating in Latin NCAP: Based on Verna
Discover how Kia K3 secured its 5-star Latin NCAP rating, featuring frontal, side, and pole impact protection, ESC, AEB systems, and child occupant safety performance.
23-Oct-2024 05:52 AM
Read Full NewsKia K3 Achieves 5-Star Rating in Latin NCAP: Based on Verna
Discover how Kia K3 secured its 5-star Latin NCAP rating, featuring frontal, side, and pole impact protection, ESC, AEB systems, and child occupant safety performance.
23-Oct-2024 05:52 AM
Read Full NewsJSW MG Motor India Launches AI Chatbots Avira and Vir with Google Cloud for Enhanced Customer Engagement
Discover how JSW MG Motor India launched AI chatbots Avira and Vir in partnership with Google Cloud, transforming customer engagement with advanced AI technology.
22-Oct-2024 11:53 AM
Read Full NewsJSW MG Motor India Launches AI Chatbots Avira and Vir with Google Cloud for Enhanced Customer Engagement
Discover how JSW MG Motor India launched AI chatbots Avira and Vir in partnership with Google Cloud, transforming customer engagement with advanced AI technology.
22-Oct-2024 11:53 AM
Read Full NewsAd
Ad
Mercedes-Benz AMG G-Class
₹ 3.60 Cr
Mercedes-Benz E-Class
₹ 78.50 - 92.50 Lakh
Volvo EX40
₹ 56.10 Lakh
BYD eMax 7
₹ 26.90 - 29.90 Lakh
Nissan Magnite
₹ 6.00 - 11.66 Lakh
Maruti New Dzire
₹ 7.00 - 10.00 Lakh
Skoda Kylaq
₹ 8.00 - 12.00 Lakh
Hyundai Tucson facelift
₹ 29.00 - 36.00 Lakh
Mahindra Bolero 2024
₹ 10.00 Lakh
BYD Seagull
₹ 10.00 Lakh
Ad
Ad
Ad