The magnate Elon Musk, owner of SpaceX, has added 33.5 billion dollars to his net worth due to the notable increase in Tesla's shares on October 24. These shares recorded their largest gain in more than a decade, closing with a 22% increase. With this rise, Musk expanded his fortune to 270.3 billion dollars, placing him 61 billion above second place, Jeff Bezos. This boost positioned Tesla in positive territory for the year, after reporting its largest quarterly profit since 2023.
Musk projects a growth of up to 30% in Tesla vehicle sales next year, and revealed that the Cybertruck generated quarterly profits for the first time. This increase is significant after four consecutive quarters of disappointing earnings for Tesla, which had faced a slowdown in consumer demand. In an online broadcast, Musk mentioned that he hopes to introduce Cybercab robotaxis by 2026, with future plans to produce between 2 and 4 million units per year.
Musk has been in the spotlight for his support of Republican candidate Donald Trump. Recently, he has spent 75 million dollars on his own super PAC, aimed at financing Republican efforts to mobilize voters and digital advertising. It has been speculated that, if re-elected, Trump could appoint Musk to lead a new department focused on reducing bureaucracy, known as the Department of Government Efficiency. Musk, for his part, has mentioned that he would push for a federal approval process for autonomous vehicles if he were to take a position in a possible second Trump administration.
Tesla is betting heavily on autonomous vehicles as a key division in its future growth plan. Musk has expressed confidence that Tesla will become the most valuable company in the world and plans to make robotaxis a reality in the coming years.
