Tesla CEO Elon Musk’s net worth leaped by $33.5 billion on October 24, fueled by a 22% surge in Tesla’s stock after its strong Q3 performance. Musk’s fortune now totals $270 billion, securing his position as the world’s richest individual. Tesla’s Q3 profit of $2.5 billion helped end a three-quarter streak of declining earnings, with Musk projecting 20%-30% sales growth for 2024. Additionally, Musk announced that the Cybertruck achieved its first profitable quarter and set ambitious plans for robotaxi production by 2026, aiming for annual outputs of 2-4 million units.
Tesla’s stock performance, which accounts for roughly 75% of Musk’s wealth, reinforces Musk’s central role in Tesla’s growth strategy. He also recently broadened his influence by endorsing former President Donald Trump and donating $75 million to a pro-Republican super PAC, indicating an expanded focus on both business and policy. As Musk’s presence grows in both sectors, his vision for Tesla includes not only market leadership in electric vehicles but also a strong stance in shaping policy on autonomous technology.
