Elon Musk just 'pocketed' $34 billion in just one day. His net worth skyrocketed after Tesla reported stunning results, sending its stock up 22% on October 24, marking its best performance since 2013.

Elon Musk Bloomberg
Elon Musk is now the richest person in the world. Photo: Bloomberg

Tesla's latest quarterly results revealed a key factor investors have been waiting for: profits. The electric car giant posted its biggest quarterly profit since mid-2023, rebounding from four consecutive quarters of disappointment.

Despite the revenue miss, optimism was fueled by Musk's confident forecasts that Tesla could record 20% to 30% growth in vehicle sales next year.

The real surprise, however, came from Musk's announcement that the Cybertruck electric pickup truck had finally achieved profitability for the first time — a milestone that investors saw as a sign of the ability to innovate out of production problems.

With a net worth of $270.3 billion, Musk widened the gap with the second-richest person, Jeff Bezos, by $61 billion. Tesla stock, which accounts for three-quarters of Musk’s net worth, is the driving force behind his extraordinary wealth, although he also has stakes in SpaceX, X, and xAI.

During a conference call with analysts, Musk laid out his vision for Tesla's future: Dominating the electric vehicle market and beyond.

“My prediction is that Tesla will become the most valuable company in the world, and probably by doing a very risky project,” Musk declared.

(According to Fortune)