Austin, October 25: Elon Musk's wealth significantly increased on Thursday after the shares of Tesla company rose 22% to USD 260.48. The wealthiest man in the world reportedly added more than USD 33.5 billion to his net worth yesterday as the share prices jumped. Tesla had strong quarter earnings, which increased massive wealth to CEO. According to reports, the Tesla share jump marked the biggest ever in the decade.

According to multiple reports, Elon Musk's net worth reached nearly USD 270 billion after the wealth increase. On the Nasdaq, Tesla shares reportedly jumped around 5% on a year-on-year basis. The rise in the shares reportedly rose because the EV firm witnessed a significant increase in profit in its third quarter's results. Tesla officially stated that it earned USD 2.2 billion in the July-September period, which was higher compared to last year's YoY earnings of USD 1.9 billion. Elon Musk Donates Another USD 43.6 Million to America PAC for Supporting Donald Trump Getting Elected as US President, Gives 118 Million So Far.

The sales of Tesla Inc. increased to USD 25.2 billion in Q3 2024 compared to last year's USD 23.4 billion for the same period. Besides the EV sales, Elon Musk's Tesla also reported a rise in the sales of storage batteries used by businesses and households, with a 52% increase in the third quarter compared to the previous year. The US-based electric vehicle manufacturer also gained 29% profit from its services, such as charging batteries, and added USD 739 million in sales of regulatory credits to the customers. Donald Trump Winning 2024 US Elections May Impact India’s IT Industry but Benefit Defence, Energy and Commodities Sectors: Report.

Elon Musk announced the launch of new electric vehicles in the first half of 2025, seeing the strong performance of Tesla. The CEO also said that with these new models, the EV firm would raise its sales between 20% and 30% next year. According to a report by Outlook Business, Elon Musk's aim to increase sales would likely be fulfilled if Donald Trump, representing the Republican Party, won the US Presidential Elections in 2024. The report said that Donald Trump had been advocating for US automakers in his campaigns and said if he won, his government would focus on making the United States an "auto hub".

(The above story first appeared on LatestLY on Oct 25, 2024 03:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).