World's Richest Man Elon Musk Gets Even Richer As Tesla Stocks Soar
Portfolio Pulse from Bibhu Pattnaik
Elon Musk's net worth increased by over $30 billion as Tesla's stock surged 22% following a strong Q3 earnings report. Tesla's market cap rose by $150 billion, driven by higher-than-expected gross margins and plans for a more affordable vehicle by 2025. Musk's forecast of a 30% increase in vehicle deliveries next year further boosted investor confidence.
October 27, 2024 | 3:00 pm
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Tesla's stock surged 22% after a strong Q3 earnings report, boosting its market cap by $150 billion. The rise was driven by higher-than-expected gross margins and plans for a more affordable vehicle by 2025, along with a forecasted 30% increase in vehicle deliveries next year.
The 22% increase in Tesla's stock price is directly linked to the company's strong Q3 earnings report, which exceeded expectations. The announcement of a more affordable vehicle and a significant increase in vehicle deliveries next year further boosted investor confidence, leading to a substantial rise in market capitalization.
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