Elon Musk, the CEO of Tesla and the richest person in the world, just got even wealthier. Tesla’s stock saw a big rally after the company’s latest earnings report, which thrilled investors and caused Tesla shares to skyrocket. This increase in Tesla’s stock has added a whopping $24 billion to Musk’s already enormous fortune. Let’s dive into the reasons behind this massive stock surge and what it means for Tesla and Musk.

A Big Jump in Tesla’s Stock

On Thursday, Tesla’s stock price soared more than 20% after the company’s third-quarter earnings report came out. By the middle of the afternoon, Tesla was seeing its best trading day in over a decade, making it a day to remember. Investors reacted with great excitement to the company’s strong performance, which showed Tesla was making lots of money. In fact, Tesla generated the most cash in eight quarters, and that made everyone on Wall Street pretty happy.

Another piece of good news came from Tesla’s CEO, Elon Musk, himself. During a call with analysts, Musk said he expects the company’s vehicle deliveries to grow by up to 30% in 2025. This was a big deal because Tesla had experienced a 2% drop in deliveries this year. So, the idea that things would improve in the future gave investors even more confidence in the company.

Tesla’s Focus on Profits

Tesla is known for its electric cars, but lately, there has been some worry about the company’s shrinking profit margins. The more the company invests in self-driving technology and other new ideas, the more people wonder if Tesla can still make as much money selling cars. However, the recent earnings report helped ease those concerns. Analysts, like Adam Jonas from Morgan Stanley, were quick to say that Tesla’s focus on making money by growing its car business is still strong. This reassurance was important because it showed Tesla is not just all about futuristic ideas; it’s still making money by selling cars today.

Elon Musk’s Growing Fortune

This massive increase in Tesla’s stock added a huge chunk of money to Elon Musk’s fortune. In just one day, Musk became $24 billion richer. To put that in perspective, Musk is now more than $55 billion richer than the second wealthiest person in the world. Musk’s wealth is mostly tied up in Tesla’s stock, so whenever the stock goes up, his personal wealth also rises. According to calculations, Musk is now in a league of his own when it comes to being the richest person on Earth.

A Record-Breaking Day for Tesla

Thursday was a historic day for Tesla’s stock. It was the best day for the stock since May 2013. Investors poured money into Tesla, pushing its market value up by about $140 billion in just one day. This was a huge change for the company because, up until Wednesday, Tesla’s stock had actually been down 14% for the year. But after Thursday’s rally, Tesla’s stock turned those losses around and actually posted a gain for the year.

Not Everyone Is Happy

Of course, with any big event like this, there are bound to be some critics. While most people were excited about Tesla’s earnings report and the stock rally, some analysts were less impressed. One of the most vocal critics was Toni Sacconaghi, an analyst at Bernstein. He didn’t hold back his criticism, saying that Tesla’s earnings call was more like a “pep rally” than a serious discussion about the company’s financials. He also pointed out that Tesla only took two questions from analysts, which is pretty unusual for an earnings call. Sacconaghi’s comments show that not everyone is fully on board with Tesla’s latest success.

A Bit of Drama

In addition to all the excitement around Tesla’s stock, there was also some political drama surrounding Musk. Reports surfaced that Musk had received a letter from the U.S. Justice Department. The letter warned that a political action committee (PAC) Musk supports, which is aligned with Donald Trump, might be violating federal laws. The committee reportedly awarded $1 million to swing state voters, raising concerns about whether the actions were legal. As Musk becomes more involved in politics, especially with his support for the GOP and Trump, it seems likely that his role as a political donor will continue to draw attention.

What’s Next for Tesla?

As Tesla moves forward, there are a few big questions on everyone’s mind. Will Tesla be able to meet Musk’s ambitious goal of growing vehicle deliveries by 30% in 2025? Can the company continue to make a lot of money while investing in new technology like self-driving cars? And how will Musk’s increasing involvement in politics impact both him and the company?

For now, what’s clear is that Tesla had a fantastic day on the stock market, and Elon Musk’s bank account is even bigger than it was before. With his fortune growing by $24 billion in just one day, Musk is cementing his status as the world’s wealthiest person. But, as always, Tesla’s journey is full of twists and turns, and it will be interesting to see what happens next.