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    Elon Musk’s wealth Increases by $3.35 billion in a single day

    MediaBitesBy Updated:113 Comments2 Mins Read

    Elon Musk, the owner of companies like Tesla and SpaceX, has solidified his position as the world’s richest person with a dramatic surge in his wealth. In just one day, Musk added more to his fortune than the annual budgets of many countries.

    According to Bloomberg, on October 24, Musk’s net worth increased by a staggering $33.5 billion, equivalent to over 9.2 trillion Pakistani rupees. This substantial gain was driven by a remarkable 22% rise in Tesla’s share prices within a single trading session.

    The surge in Tesla’s stock followed the company’s announcement of its July-September quarterly report, where Musk predicted a 30% increase in electric vehicle (EV) sales by 2025. This positive outlook came as a relief to investors, especially after Tesla had reported declining revenues in its quarterly earnings over the past year.

    It’s noteworthy that Musk owns 21% of Tesla’s shares, and 68% of his total wealth is directly tied to the company’s stock performance. With this new windfall, Musk’s net worth has reached $270.3 billion, maintaining his lead as the world’s richest individual.

    His closest competitor, Amazon founder Jeff Bezos, trails by $61 billion with a net worth of $209 billion. Meta’s CEO, Mark Zuckerberg, ranks third on the list of the world’s wealthiest, with a fortune of $201 billion.

    This extraordinary jump in Elon Musk’s wealth underscores the volatility of the tech market and how rapidly fortunes can change in the world of billionaires.

     

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    Founded in 2013 by Editor, Imran Malik, MediaBites is a trusted news platform covering media, global affairs, technology, health, new joinings and entertainment. I have been a Working Journalist Since 2013.

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