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Elon Musk $61 billion richer than Bezos as Tesla gains 22% on biggest quarterly profit in a year

Abha Raverkar
By Abha Raverkar

2 min read | Updated on October 25, 2024, 12:46 IST

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SUMMARY

Elon Musk, now worth $270 billion, added $33.5 billion to his wealth as Tesla closed at a gain of about 21.92% on the NASDAQ on Thursday, October 24. This uptick comes after the company announced its quarterly earnings, reporting a 17% year-on-year increase in its profit.

Tesla reported a quarterly profit of $2.2 billion, a 17% increase from the $1.85 billion in the year-ago period

Tesla reported a quarterly profit of $2.2 billion, a 17% increase from the $1.85 billion in the year-ago period

Shares of Elon Musk’s Tesla settled at about 22% on Thursday, October 24, marking the company’s biggest intraday gain in over a decade.

This jump has added $33.5 billion to Elon Musk’s wealth, now worth $270 billion.

According to the Bloomberg Billionaires Index, the richest man on the planet is now $61 billion ahead of Jeff Bezos, the second-wealthiest man in the world.

Highest quarterly profit in a year

The increase in the EV manufacturer’s shares follows the release of its third-quarter results, which posted its biggest quarterly profit in over a year.

The company reported a quarterly profit of $2.2 billion, a 17% increase from the $1.85 billion in the year-ago period.

While projecting 20% to 30% growth in sales next year, Musk (53) has vowed to launch an affordable vehicle in the first six months of 2025, reported the Guardians.

At market closing, the EV company added almost $150 billion to its total capitalisation. Tesla is worth $816.21 billion as of Thursday, October 24.

Tesla’s performance on the NASDAQ

The scrip closed at $260.48 on the NASDAQ, up by 21.92% on Thursday, October 24. Furthermore, the equity hit an intraday high of $262.12, rising 22.72%, its largest gain since May 2013.

The profit pared recent losses in the stock’s performance due to concerns that Elon Musk was swivelling Tesla into an Artificial Intelligence (AI) and robotics company from an EV market leader without a concrete plan, reported the Guardian.

Tesla’s foray into AI

At the ‘We, Robot’ event held at Warner Bros. Studio on Thursday, October 11, Musk unveiled a robot taxi called the 'Cybercab', a ‘Robovan’ that can carry 20 people at a time and hinted at the progress being made with its humanoid robot, ‘Optimus’.
Musk stated at the event that both the Cybercar and the Robovan will operate on AI and cameras instead of the hardware typically used among Tesla’s rivals, according to a Reuters report.

About The Author

Abha Raverkar
Abha Raverkar is a post-graduate in economics from Christ University, Bengaluru. She has a strong interest in the markets and loves to unravel the nitty-gritties of the latest happenings in the world of markets, business, and economy.

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