Elon Musk, already the richest man in the world, saw his wealth grow by as much as $34 billion in one day on Thursday, solidifying his lead in the rankings of the ultra-rich. The surge in his wealth followed a blockbuster earnings report from Tesla, which sent the company's shares soaring 22%, marking its best performance since 2013.
Tesla's latest quarterly results, while mixed, delivered one crucial element that investors were eagerly awaiting: profits. The electric car giant posted its biggest quarterly profit since mid-2023, a recovery after four consecutive quarters of disappointing profits. This happened despite missing revenue expectations, which many feared would drag the company down further. However, the optimism was driven by Musk's confident predictions during the earnings call, where he announced that Tesla could see car sales growth of 20% to 30% in the coming year.
The real surprise, however, came in Musk's declaration that Tesla's long-awaited Cybertruck had finally turned profitable in its quarterly sales for the first time — a milestone that investors saw as a sign of the company's ability to innovation its way out of its production woes.
Musk's personal wealth gain – $30 billion in one day – was his third-largest increase ever in a single day, bringing his fortune to $270.3 billion and bridging the gap between him and the world's second-richest man, Jeff Bezos , was increased by $61 billion. Tesla shares, which account for three-quarters of Musk's net worth, have been the driving force behind his extraordinary financial rise, although his stakes in SpaceX, social media platform X and AI firm xAI have also contributed.
During the 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 become the most valuable company in the world, probably over time,” Musk stated.
Tesla's push for autonomous driving is central to its future strategy. Musk revealed plans to roll out the 'Cybercab' robotaxis as early as 2026, with production targets of millions per year. He added that regulatory hurdles remain a challenge, but expressed confidence that Tesla would lead the autonomous revolution.
However, Musk's bullish outlook raises questions. One of these is the continued delay of the Tesla Roadster, an improved version of its original sports car. First announced in 2017, the Roadster has seen its production timeline repeatedly pushed back, with Musk now claiming it is “close” to completion. He hinted that its release, if it comes, will be “spectacular.”
