Elon Musk’s wealth increases by 192 billion Brazilian reais as Tesla shares rise 22%

Elon Musk added 33.5 billion US dollars (192 billion Brazilian reais) to his wealth on Thursday (24), as Tesla shares recorded their biggest gains in more than a decade, continuing to lead the world’s richest man in… Bloomberg Billionaires Index.

Shares ended the day up 22% and turned positive for the year after the automaker reported its largest quarterly profits since the summer of 2023. Musk predicted growth of up to 30% in car sales next year during a live broadcast after the earnings announcement. The company announced that Cybertruck reported quarterly profits for the first time.

This increase came after four consecutive quarters of disappointing results for the world’s largest electric car maker, which has suffered due to slowing consumer demand.

Musk’s wealth gains were the third largest increase of his career, with his fortune reaching $270.3 billion, $61 billion behind second-place Jeff Bezos. Tesla shares and options represent about three-quarters of his wealth, which also includes significant stakes in SpaceX, social media platform X and artificial intelligence company xAI.

Musk, 53, has also been in the spotlight for his vocal and increasingly costly support of Republican candidate Donald Trump. In recent weeks, he campaigned in Pennsylvania alongside Trump and spent $75 million on his political action committee, which focused on funding Republican voter mobilization efforts and digital advertising.

Trump said he would ask Musk to lead a new department focused on reducing bureaucracy, called the Government Efficiency Administration, if he is elected to a second term.

In the live broadcast following the release of Tesla’s results, Musk said he would push for a federal approval process for self-driving vehicles if he were nominated for a role in a potential second Trump administration. Tesla is betting on self-driving cars as a major area of ​​growth. Musk said he expects Tesla to start rolling out the Cybercab in 2026, and the company plans to eventually produce between 2 million and 4 million units per year.

“My expectations are that Tesla will become the most valuable company in the world, perhaps by a large margin,” Musk said.

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