Elon Musk experienced a dramatic increase in his wealth, adding $33.5 billion to his net worth on Thursday. This surge was driven by a 22% rise in Tesla Inc. TSLA shares, marking the company’s most significant stock increase in over a decade.
What Happened: The stock surge followed Tesla’s announcement of its highest quarterly profit since mid-2023. During a webcast, Musk projected up to 30% growth in vehicle sales for the coming year. Additionally, the Cybertruck contributed to a quarterly profit for the first time.
At close, the company’s market value increased by nearly $150 billion, marking the stock’s best day since 2013.
This financial leap came after Tesla faced four consecutive quarters of underwhelming earnings amid declining consumer demand.
Musk’s fortune now stands at $270.3 billion, positioning him $61 billion ahead of Jeff Bezos in the Bloomberg Billionaires Index.
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Why It Matters: Tesla’s stock surged recently following a strong third-quarter performance that exceeded earnings estimates and showcased improving margins. Analysts highlighted the company’s robust vehicle delivery outlook for 2025 as a key factor in its recent success.
Additionally, tech stocks rebounded on Thursday, with Tesla leading the charge. The recent earnings report has been positively received by analysts, with Gary Black, Managing Partner at The Future Fund LLC, describing Tesla's performance as a "clean beat." Black highlighted Tesla's significant outperformance across key metrics, which contributed to a 12.10% rise in after-hours trading.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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