Elon Musk, CEO of Tesla, became worth more than $26 billion on Thursday after impressive quarterly results caused shares of the electric car company to soar.
Forbes’ real-time wealth tracker showed that Musk’s wealth had also grown on Friday. It had grown by $4.3 billion since the end of trading on Thursday. As of Friday morning, his net worth was about $274.1 billion.
When Tesla’s quarterly earnings came out on Wednesday, its stock price went through the roof. It said that its third-quarter sales were up 7.8% year-over-year and its net income was up 16.9%. The gross margin for this item was 19.8%.
The company that makes electric cars said in its quarterly report to shareholders that it “expects to achieve slight growth in vehicle deliveries in 2024,” even though “ongoing macroeconomic conditions.” According to the report, affordable Tesla models would be delivered “still on-track” in the first half of 2025.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 269.19 | +8.71 | +3.34% |
Musk told analysts and investors that Tesla was “profitable despite a very challenging automotive environment.” He also maintained his optimism regarding the company’s efforts to develop autonomous vehicles, including the Cybercab, which was just recently introduced.
According to Forbes, his current net worth allows him to comfortably maintain his position as the richest person in the world.
Behind Musk, fellow billionaires Larry Ellison and Jeff Bezos held the second- and third-place spots on the outlet’s real-time ranking with net worths of $213.9 billion and $206.9 billion, respectively. Bezos was currently the richest person in the world.
During the month of September, a report published by Informa Connect Academy made a prediction that Musk could become the first person to ever become a trillionaire within the next couple of years.
Moreover, it was suggested that Tesla’s market capitalization might reach one trillion dollars by the year 2025.
Source
Note: Thank you for visiting our website! We strive to keep you informed with the latest updates based on expected timelines, although please note that we are not affiliated with any official bodies. Our team is committed to ensuring accuracy and transparency in our reporting, verifying all information before publication. We aim to bring you reliable news, and if you have any questions or concerns about our content, feel free to reach out to us via email. We appreciate your trust and support!
ChiefsFocus is a dedicated news writer with extensive experience in covering news across the United States. With a passion for storytelling and a commitment to journalistic integrity, ChiefsFocus delivers accurate and engaging content that informs and resonates with readers, keeping them updated on the latest developments nationwide.