(Bloomberg) – Elon Musk on Thursday increased his net worth by $33.5 billion, making him the world’s No. 1 on the Bloomberg Billionaires Index as Tesla Inc. (TSLA) stock posted its biggest rise in more than a decade. widened the gap between the wealthy.
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The stock ended the day up 22%, turning positive for the year after the automaker reported its biggest quarterly profit since summer 2023. In a webcast following the announcement, Musk predicted that next year’s car sales would increase by 30%, announcing: The Cybertruck delivered its first quarterly profit.
The incident comes after the world’s largest electric vehicle maker has struggled with slowing consumer demand and reported four consecutive quarters of disappointing financial results.
Musk’s wealth increase was the third-largest on record, bringing his fortune to $270.3 billion, $61 billion more than second place Jeff Bezos. Tesla stocks and options make up about three-quarters of his fortune, including large stakes in SpaceX, social media platform X and artificial intelligence company xAI.
Musk, 53, has also attracted attention for his increasingly vocal and expensive support for Republican candidate Donald Trump. Over the past few weeks, he campaigned with Trump in Pennsylvania and spent $75 million on his super PAC, which focuses on funding Republican vote-getting efforts and digital advertising.
President Trump said if Musk is elected to a second term, he will ask him to lead the Department of Government Efficiency, a new department focused on minimizing bureaucratic red tape.
In a webcast after Tesla’s earnings release, Musk said he would push for the federal approval process for self-driving cars if appointed to a potential second Trump administration role. Tesla is betting on self-driving cars as a key growth area. Musk said he expects Tesla to begin rolling out its CyberCab robotaxis in 2026, with plans to eventually produce 2 million to 4 million vehicles a year.
“My prediction is that Tesla will be the most valuable company in the world, probably not far away,” Musk said.
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