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The net worth of Elon Musk witnessed a staggering increase of over $30 billion on Thursday, following a significant surge in Tesla Inc. (NASDAQ:TSLA) shares.

What Happened: This surge was triggered by the company’s impressive third-quarter earnings report. The shares of the electric vehicle manufacturer jumped by 22%, adding nearly $150 billion to the company’s market capitalization.

Investors were encouraged by Tesla’s higher-than-expected gross margins, the company’s plans to launch a more affordable vehicle by 2025, and Musk’s forecast of a 30% increase in vehicle deliveries next year, reports Bloomberg.

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This substantial increase has pushed Musk’s total net worth to just over $270 billion, according to data from Bloomberg. The rise in Tesla’s stock has further solidified Musk’s position as the richest person in the world, surpassing other top executives like Jeff Bezos and Larry Ellison.

Musk’s wealth is primarily derived from his 13% stake in Tesla and approximately 304 million exercisable stock options from his 2018 compensation package, valued at about $123 billion.

His second largest source of wealth is SpaceX, where he holds a 42% stake, valued at just over $80 billion. Musk’s stakes in social media platform X, The Boring Company, Neuralink, and xAI are collectively worth an estimated $24 billion.

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Why It Matters: The surge in Tesla’s stock price and Musk’s net worth is a testament to the company’s strong performance and market confidence in its future plans. Tesla’s impressive gross margins and the announcement of a more affordable vehicle by 2025 have particularly excited investors.

Musk’s prediction of a 30% increase in vehicle deliveries next year also indicates the company’s optimistic outlook and its commitment to meet the growing demand for electric vehicles.

This, coupled with Musk’s diverse portfolio of investments, underscores his influence in the tech and space industries, further solidifying his position as a global business leader.