Elon Musk makes Rs 2.81 lakh crore in a single day

The world's richest man, Elon Musk, added another $33.5 billion (approximately 2.81 lakh crore rupees) to his wealth on October 24, after his electric vehicle (EV) company, Tesla Inc., saw its biggest share gain in over a decade, according to a Bloomberg report.

Mr Musk,53, is now worth $270 billion, thanks to 22 percent gains in Tesla shares. The stock jumped after the world's largest EV maker released its third-quarter earnings, which showed its largest quarterly profit since the summer of 2023.

Musk beats Bezos 

Mr Musk is now $61 billion ahead of Amazon mogul and the world's second-richest person, Jeff Bezos, according to the Bloomberg Billionaire Index (BBI).

A major chunk of Musk's wealth — around 75 percent — is generated from Tesla shares and options. Musk also owns private space sector player SpaceX, social-media platform X (formerly known as Twitter), and artificial intelligence firm xAI.

Speaking via webcast after Tesla's earnings report, Musk forecasted as much as 30 percent growth in Tesla's vehicle sales and said that the Cybertruck generated its first-ever quarterly profit.. Tesla's stellar Q3FY24 results come after three consecutive quarters of disappointment amid slowing demand.

Mr Musk said he expects Tesla to begin rolling out Cybercab robotaxis in 2026, with plans to eventually produce 20 lakh to 40 lakh units annually. “My prediction is Tesla will become the most valuable company in the world, and probably by a long shot,” Mr Musk said.

Musk's political ambition

A South African immigrant to the United States, Mr Musk has been increasingly vocal about his support for Donald Trump, the former US President and Republican party nominee, and fellow billionaire, ahead of the November 5 US elections.

Over the past few weeks, he has campaigned in Pennsylvania alongside Mr Trump and spent $75 million on his own super PAC, which has focused on funding Republican get-out-the-vote efforts and digital advertising.

He also said that he would “push” for a federal government approval process for autonomous vehicles if he is offered a potential second position in the Trump administration.

Mr Trump, on his part, has said he would ask Mr Musk to head up a new department focused on minimising bureaucratic red tape, nicknamed the Department of Government Efficiency, if he were elected to a second term.

(By arrangement with livemint.com)