Elon Musk posts biggest daily gains on Tesla, made $33.5 billion

Elon Musk of Tesla, already the richest person in the world, increased his wealth by an additional $33.5 billion on Thursday following the largest rally in his company’s stock since 2013.

According to the Bloomberg Billionaires Index, Musk’s current net worth is approximately $270 billion, which places him more than $84 billion ahead of his close friend and former Tesla board member Larry Ellison, who is still the largest shareholder in Oracle.

Musk owns a significant portion of SpaceX, valued at over $200 billion, he also controls close to 13 percent of Tesla’s outstanding shares.

He also controls the majority stake in the artificial intelligence startup xAI and X, formerly Twitter. Depending on how a shareholder lawsuit involving Musk’s 2018 compensation package turns out, his wealth could increase even further.

The surge came after Musk’s remarks during the call indicating that “vehicle growth” would be between 20 and 30 percent next year amid the company’s better-than-expected earnings report late Wednesday.

At the close, Tesla’s stock had risen 22%, the second-largest increase since the company’s 2010 initial public offering. Tesla shares had been falling and were on track to have their worst month since January before the earnings.

Despite the Nasdaq’s 23 percent gain, the stock erased its year-end loss and is currently up 5% in 2024. In contrast to the average analyst estimate of 58 cents, Tesla reported earnings per share of 72 cents. Profit was increased by $326 million from the company’s Full Self-Driving Supervised system (FSD) and $739 million from environmental regulatory credits.