Elon Musk Gains $26 Billion After Tesla’s Biggest Stock Surge Since 2013
- by thenews-chronicle
- Oct 25, 2024
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Elon Musk
Elon Musk, Tesla’s CEO and already the richest person in the world, increased his wealth by an additional $26 billion on Thursday, following the largest jump in his company’s stock since 2013.
Forbes estimates that Musk’s current net worth is $269 billion, more than $50 billion more than that of his close friend and former Tesla board member Larry Ellison, who is still Oracle’s largest shareholder.
Although Musk owns a sizable portion of SpaceX, valued at over $200 billion in private markets, he also holds almost 13% of Tesla’s outstanding shares, making up the majority of his net worth. He is also the controlling owner of the artificial intelligence companies xAI and X, once Twitter.
Depending on the outcome of a shareholder lawsuit against Musk’s 2018 compensation package, his wealth could increase even further.
Following Tesla’s better-than-expected earnings announcement late Wednesday and Musk’s remarks during the call indicating that
“vehicle growth”
would be 20% to 30% next year, the stock surged on Thursday. The closing 22% increase in Tesla shares was the company’s second-largest gain since its 2010 initial public offering.
Tesla’s stock had been falling before the earnings report, and it was on track to have its worst month since January. However, the company recovered its year-end loss and is currently up 5% in 2024, while the Nasdaq gained 23%.
Tesla exceeded the average analyst forecast of 58 cents per share with its announced earnings of 72 cents. Profit was increased by $326 million from the company’s Full Self-Driving Supervised system (FSD) and $739 million from environmental regulatory credits.
Most of Musk’s earnings calls were devoted to promoting what he claimed would be Tesla’s autonomous future, including a ride-hailing service that could launch in Texas and California as early as next year. Two weeks prior, Tesla unveiled the Cybercab concept at its eagerly anticipated Robotaxi event.
But although Waymo, a commercial driverless service owned by Alphabet, has been offering its services to the general public since June, Tesla has continuously fallen short of its launch schedule. The business still doesn’t manufacture or market safe vehicles without a human driver constantly present to steer or brake.
Even though Musk debuted a new Roadster and a heavy-duty Semi truck in 2017, the Roadster’s design is still unfinished, and the business only uses
“pilot production
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