Billionaire Elon Musk made $26 billion in just one day

CNBC reported that billionaire Elon Musk's huge fortune increased by $26 billion on October 24 when the stock price of electric car company Tesla increased sharply.

Billionaire Elon Musk at a campaign event for former President Donald Trump in Pennsylvania on October 18.

According to Forbes , the net worth of Elon Musk, CEO of Tesla and currently the richest person in the world , is currently about 269 billion USD, 57 billion USD more than the second person, Larry Ellison, the largest shareholder of technology company Oracle. Mr. Ellison is a close friend of Mr. Musk and a former member of Tesla's board of directors.

Billionaire Elon Musk owns nearly 13% of Tesla's outstanding shares, making up the bulk of his net worth, according to CNBC. He also owns a large stake in space company SpaceX and is the owner of social network X (formerly known as Twitter) and artificial intelligence startup xAI.

Mr. Musk's fortune could be even higher, depending on the outcome of a lawsuit by Tesla shareholders related to the billionaire's 2018 compensation package.

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Tesla’s price increase on October 24 came a day after the company reported better-than-expected earnings and Musk predicted sales growth of 20-30% in 2025. Musk pledged to launch a low-cost car in the first half of 2025 and said cost-cutting efforts would boost profit margins in the third quarter, Reuters reported.

Tesla shares rose 22% on October 24, the second-best day since the company went public in 2010.

Tesla shares fell before the earnings report, heading for their worst month of the year. After the report, things turned around and the stock is up 5% year to date.

Source: https://thanhnien.vn/ti-phu-elon-musk-kiem-26-ti-usd-chi-trong-mot-ngay-185241025161051757.htm