Elon Musk's net worth rises after Tesla shares rise

Tesla CEO Elon Musk added more than $26 billion to his fortune on Thursday after the electric vehicle maker's shares soared in response to its strong quarterly results.

Musk's wealth also posted gains on Friday, rising $4.3 billion since the end of trading on Thursday, Forbes' real-time wealth tracker showed. His net worth was around $274.1 billion as of Friday morning.

Following the release of quarterly results on Wednesday, Tesla shares were thrown into turmoil. The company reported a 7.8% year-over-year increase in third-quarter revenue and a 16.9% increase in net income in the third quarter. The gross margin now amounted to 19.8%.

Elon Musk during a joint T-Mobile and SpaceX event on August 25, 2022 in Boca Chica Beach, Texas. (Photo by Michael Gonzalez/Getty Images / Getty Images)

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In its quarterly shareholder presentation, the electric vehicle maker said it expects “modest growth in vehicle deliveries in 2024” despite “ongoing macroeconomic conditions.” Deliveries of affordable Tesla models are “still on track” for the first half of 2025, it said.

Musk told analysts and investors that Tesla was “profitable despite a very challenging automotive environment” and remained optimistic about the company's autonomous vehicle efforts, including the recently unveiled Cybercab.

Tesla Model Y and Model 3 vehicles on display at a store in Tokyo. (Photo by Stanislav Kogiku/SOPA Images/LightRocket via Getty Images / Getty Images)

According to Forbes, his current net worth easily maintains his status as the richest person in the world.

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Behind Musk, fellow billionaires Larry Ellison and Jeff Bezos took second and third place in the magazine's real-time ranking, with net worths of $213.9 billion and $206.9 billion, respectively.

Elon Musk arrives at the 10th Annual Breakthrough Awards Ceremony at the Academy Museum of Motion Pictures in Los Angeles on April 13, 2024. (Photo by ETIENNE LAURENT/AFP via Getty Images / Getty Images)

A report from Informa Connect Academy predicted in September that Musk could become the world's first trillionaire within the next few years. It also suggested that Tesla's market cap could reach $1 trillion by 2025.

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