Elon Musk, already the richest man in the world, saw his wealth grow by an astonishing $34 billion in a single day on Thursday, cementing his lead atop the ultrarich rankings. The surge in his net worth followed a blockbuster earnings report from Tesla that sent the company’s stock soaring by 22%, marking its best performance since 2013.
Tesla’s latest quarterly results, though mixed, delivered one critical element that investors had been eagerly awaiting: profit. The electric vehicle giant posted its largest quarterly profit since mid-2023, a rebound after four straight quarters of disappointing earnings. This came despite falling short of revenue expectations, which many had feared would continue to drag the company down. The optimism, however, was driven by Musk’s confident projections during the earnings call, where he announced that Tesla could see vehicle sales growth of 20% to 30% in the coming year.
The real surprise, however, came in Musk's declaration that Tesla's long-awaited Cybertruck had finally achieved profitability for the first time in its quarterly sales—a milestone that investors took as a sign of the company’s ability to innovate its way out of production issues.
Musk’s personal wealth gain—$30 billion in one day—was his third-largest single-day increase ever, pushing his fortune to $270.3 billion, and widening the gap between him and the world’s second-richest man, Jeff Bezos, by $61 billion. Tesla's stock, which accounts for three-quarters of Musk’s net worth, has been the driving force behind his extraordinary financial rise, though his stakes in SpaceX, social media platform X, and AI venture xAI have also contributed.
On the earnings call with analysts, Musk was clear about his vision for Tesla's future: dominance in the electric-vehicle market and beyond.
“My prediction is Tesla will become the most valuable company in the world, and probably by a long shot,” Musk declared.
Tesla's push into autonomous driving is central to its future strategy. Musk revealed plans to roll out "Cybercab" robo-taxis as soon as 2026, with production targets in the millions per year. He added that regulatory hurdles remain a challenge but expressed confidence that Tesla would lead the autonomous revolution.
Musk's bullish outlook, however, comes with questions. One is the ongoing delay of the Tesla Roadster, an upgraded version of its original sports car. The Roadster, first announced in 2017, has seen its production timeline repeatedly pushed back, with Musk now claiming it is "close" to finalization. He hinted that its release, when it comes, will be "spectacular."
Read more of Fortune's coverage on Elon Musk:
- Elon Musk says the Tesla Roadster is still delayed with no release in sight—but now he’s talking about making Peter Thiel’s flying car a reality
- Elon Musk touts his influence under a Trump administration in a ‘Department of Government Efficiency’ after blowout Tesla earnings
- Elon Musk says Tesla robo-taxi service is already on San Francisco roads in tests for employees
