Elon Musk Becomes $21 Billion Richer in a Day as Tesla Stock Soars by 19%

Elon Musk, the world’s richest person, just got even wealthier! On Thursday, Musk’s net worth jumped by an incredible $21 billion after Tesla’s stock surged by 19%. This huge rise came after Tesla released its latest earnings report, which got investors very excited.

According to Forbes, Tesla's stock shot up more than 19% by late morning, marking its best performance since March 2021. Investors loved Tesla’s third-quarter profits, which were the highest in two years.

Tesla's Big Day on Wall Street

Tesla’s value skyrocketed by $117 billion in just one day. The company reported profits of $2.2 billion for the third quarter—up 17% from last year—while revenues grew by 8% to $25.2 billion. Market experts say Tesla is proving it can keep growing and making money, which is exactly what investors wanted to see.

Musk, who owns the most shares in Tesla, now leads the second-richest person in the world by a whopping $50 billion, according to Forbes.

What Helped Tesla’s Stock Rise?

Aside from the strong earnings report, Musk made some big announcements on Wednesday. He revealed that Tesla plans to launch driverless ride-hailing services in California and Texas by next year! This means Tesla cars will offer rides without a driver, and customers will be able to pay for these rides using an app.

Tesla already has a ride-hailing service with safety drivers for its employees in the San Francisco Bay Area. But Musk said the goal is to have fully driverless cars on the road by 2025.

With Tesla’s stock soaring and big plans for the future, it looks like Musk’s wealth is only going to keep growing!

Sources: Internet Sources & Twitter X 

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