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Elon Musk gets ₹2.8 lakh crore richer in a day

by VARINDIA 2024-10-26

CEO Elon Musk, already the world’s richest person has added another $26 billionin his wealth after his company’s stock had its biggest rally since 2013. Tesla shares soared 22%, lifting Elon Musk’s net worth by roughly $26 billion. According to Forbes, Elon is now about $58 billion ahead of his good friend and former Tesla board member Larry Ellison. The pop on Thursday followed Tesla’s better-than-expected earnings report late Wednesday and Musk’s comments on the call suggesting that “vehicle growth” will be 20% to 30% next year.

Tesla, one of the world’s leading EV manufacturers, continues to expand its market share and innovate in areas such as battery technology and self-driving cars. The company’s impressive financial performance has boosted investor optimism, driving up its stock value. Musk, who holds a substantial amount of Tesla shares, benefited directly from this increase, which pushed his net worth even higher..

Musk controls close to 13% of Tesla’s outstanding shares, accounting for the bulk of his net worth, though he also owns a big chunk of SpaceX, which is valued on the private markets at over $200 billion. Additionally, he’s the controlling owner of X, formerly Twitter, and artificial intelligence startup xAI.

This one-day gain underscores Musk’s position as one of the wealthiest individuals globally. His fortune largely depends on the fluctuating value of Tesla's stock, and this recent surge highlights both the volatility of the market and the potential for exponential growth in tech-driven sectors.

The increase in Musk’s wealth places him further ahead in the global billionaire rankings, reflecting the broader success of Tesla as a pioneer in the EV industry. Prior to the earnings announcement, Tesla shares had been slumping and were headed for their worst month since January. But the stock erased its loss for the year and is now up 5% in 2024, compared to the Nasdaq’s 23% gain.

Since publicly endorsing Trump shortly after the first assassination attempt on the former president in July, Musk has stepped up his rhetoric, most notably on X, and has contributed tens of millions of dollars to a political action committee that’s supporting the Republican nominee.