Top executives, including Nancy Tengler, CEO and CIO of Laffer Tengler, have analyzed Tesla and Nvidia on the program ‘Making Money.’ On Thursday, Tesla’s shares experienced a significant surge following the company’s strong quarterly earnings, resulting in Tesla CEO Elon Musk adding over $26 billion to his wealth. According to Forbes’ real-time wealth tracker, Musk’s net worth further increased by $4.3 billion by the end of Friday’s trading session, reaching approximately $274.1 billion.
The increase in Tesla’s share price followed the release of its quarterly earnings on Wednesday. The company reported a 7.8% rise in third-quarter revenue compared to the previous year and a 16.9% boost in net income for the same period. Tesla’s gross margin stood at 19.8%.
During its quarterly shareholder presentation, the electric vehicle manufacturer expressed expectations for slight growth in vehicle deliveries in 2024, despite ongoing macroeconomic challenges. Tesla also noted that the delivery of affordable models remains on track for the first half of 2025.
Musk informed analysts and investors that Tesla is profitable despite facing a challenging automotive environment. He remains optimistic about the company’s autonomous vehicle initiatives, including the recently introduced Cybercab model.
As per Forbes, Musk retains his status as the world’s richest person. Trailing him in wealth are Larry Ellison and Jeff Bezos, holding the second and third positions with net worths of $213.9 billion and $206.9 billion, respectively.
Additionally, a report from Informa Connect Academy in September projected that Musk might become the world’s first trillionaire in the coming years, with Tesla’s market capitalization potentially reaching $1 trillion by 2025.