Record Gain Propels Musk’s Net Worth
Elon Musk, the CEO of Tesla, saw his net worth skyrocket by $33.5 billion after Tesla shares surged 22%, marking the largest single-day gain for the automaker in over a decade. This increase pushed Musk’s total fortune to $270.3 billion, widening his lead over second-place Jeff Bezos by $61 billion.
Tesla’s Financial Recovery and Future Growth
This surge in Tesla’s stock comes on the heels of its strongest quarterly profit since mid-2023. After four consecutive quarters of disappointing earnings, the automaker rebounded with positive results, driven by a promising forecast of up to 30% growth in vehicle sales for the coming year. Notably, Tesla’s Cybertruck achieved profitability for the first time, a milestone that contributed to this stock rally.
Elon Musk’s Expanding Influence and Political Involvement
Aside from his business accomplishments, Musk has attracted attention for his involvement in U.S. politics, particularly his backing of Republican candidate Donald Trump. Recently, he spent $75 million on his own super PAC to support Republican voter turnout initiatives, even appearing alongside Trump at rallies in Pennsylvania. Trump has expressed interest in appointing Musk to lead a proposed “Department of Government Efficiency” if elected, a position focused on reducing bureaucratic red tape.
Pushing for Autonomous Vehicle Policy
During Tesla’s earnings call, Musk emphasized his goal of advancing autonomous vehicle approval at the federal level. With ambitious plans to roll out Cybercab robotaxis by 2026, he envisions Tesla’s future centered around self-driving technology. Musk predicts that, with these advancements, Tesla could become the most valuable company globally, with an eventual production target of 2 million to 4 million vehicles annually.
