Elon Musk Wealth Increases to More than USD 270 Billion After Share Price of Tesla Jumps 22 Percent

The share price of Tesla, one of the big electric vehicle (EV) companies, has increased the most in the last decade. Due to this, the wealth of company chief Elon Musk has increased by more than 33 billion dollars. Due to the rise of about 22 percent in Tesla’s shares, Musk’s total wealth has increased to more than $ 270 billion.

Bloomberg’s Report According to Tesla, the increase in profit in the third quarter of Tesla has led to a rise in the company’s share price. Compared to Jeff Bezos, head of e-commerce and tech company Amazon, Musk’s wealth has increased by approximately $61 billion. About 75 percent of his wealth comes from Tesla shares. Musk is also the chief of SpaceX related to the space sector, social media platform X (earlier Twitter) and xAI related to Artificial Intelligence (AI). After the announcement of Tesla’s quarterly results, he said that the company’s vehicle sales are expected to increase by 30 percent. Musk said that Cybertruck has achieved its first quarterly profit.

Musk is supporting the leading candidate Donald Trump in next month’s presidential election in America. Musk said that if he is offered a position in the government after Trump wins the election, he will push for approval for autonomous vehicles. Trump said that if he becomes the President of America for the second time, he will offer Musk to take charge of a new department to minimize the obstacles from the bureaucracy.

Tesla’s Model Y has been the best-selling car in the world last year. Japanese automobile company Toyota’s Corolla was the best-selling car in the international market for almost two decades. Last year it stood fourth in terms of sales. According to data from Jato Dynamics, Tesla sold about 12.2 lakh units of Model Y last year. This is an increase of approximately 64 percent on a year-on-year basis. Toyota has reported a decline of about 19 percent in Corolla sales. Last year, Toyota’s RAV4 was the second best-selling car with sales of around 10.8 lakh units. This was followed by Honda’s CR-V (8,46,000 units). Tesla’s Model 3 has also made it to the top 10 best-selling cars.