Elon Musk net worth jumps to $270.3 billion on Tesla’s 22% gain — its biggest in a decade

Elon Musk net worth: The world's richest man, Elon Musk, added another $33.5 billion to his wealth on October 24, after his electric vehicle company, Tesla Inc., saw its biggest share gain in over a decade, according to a Bloomberg report.

Musk (53) is now worth $270 billion, thanks to 22 per cent gains in Tesla shares. The stock jumped after the world's largest EV maker released its third-quarter earnings, which showed its largest quarterly profit since the summer of 2023, the report said.

Musk's wealth Beats Bezos By a Mile

Musk is now $61 billion ahead of Amazon mogul and the world's second-richest person, Jeff Bezos, as per the Bloomberg Billionaire Index (BBI).

A major chunk of Musk's wealth — around 75 per cent — is generated from Tesla shares and options. Musk also owns private space sector player SpaceX, social-media platform X (formerly known as Twitter), and artificial intelligence firm xAI.

Musk Predicts Bright Future for Tesla

Speaking via webcast after Tesla's earnings report, Musk forecasted as much as 30 per cent growth in Tesla's vehicle sales and said that the Cybertruck generated its first-ever quarterly profit, it added. Tesla's stellar Q3FY24 results come after three consecutive quarters of disappointment amid slowing demand.

Musk said that he expects Tesla to begin rolling out Cybercab robotaxis in 2026, with plans to eventually produce 2-4 million units annually. “My prediction is Tesla will become the most valuable company in the world, and probably by a long shot,” Musk said.

Business & Political Ambitions Tied

An immigrant to the United States, Musk has been increasingly vocal about his support for Donald Trump, the former US President and Republican party nominee, and fellow billionaire, ahead of the November US elections.

Over the past few weeks, he has campaigned in Pennsylvania alongside Trump and spent $75 million on his own super PAC, which has focused on funding Republican get-out-the-vote efforts and digital advertising.

From a business Musk perspective, on the webcast, Musk also said that he would “push” for a federal government approval process for autonomous vehicles if he is offered a potential second position in the Trump administration.

Trump, on his part, has said he would ask Musk to head up a new department focused on minimising bureaucratic red tape, nicknamed the Department of Government Efficiency, if he were elected to a second term.

(With inputs from Bloomberg)