On Thursday, October 24th, local time, the three major U.S. stock indices experienced mixed performances. By the close, the Dow Jones Industrial Average (DJIA) fell by 0.33%, the Nasdaq Composite rose by 0.76%, and the S&P 500 index increased by 0.21%.

Tesla's stock price surged nearly 22%, marking its best performance in 11 years, and the wealth of the company's CEO, the world's richest man Elon Musk, also increased by $33.5 billion (approximately 238.5 billion yuan).

The stock price increased by 21.92%

Thanks to better-than-expected earnings in the third quarter, Tesla's stock price rose by 21.92% on Thursday, closing at $260.48 per share, marking the largest single-day increase since 2013 and adding about $150 billion (approximately 1067.9 billion yuan) to its market value. The nearly 22% increase is also the second-largest rise for the company since its listing in 2010.

Tesla's stock price soared due to its third-quarter earnings exceeding market expectations. Financial reports showed that Tesla's Q3 revenue was $25.18 billion, a year-on-year increase of 8%, slightly below the market expectation of $25.37 billion; net profit was about $2.17 billion, a year-on-year increase of 17%, or $0.62 per share, significantly exceeding analysts' expectations; the operating profit margin was 10.8%, higher than the 7.6% of the same period last year.

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Additionally, Tesla achieved profitability with the Cybertruck for the first time in the third quarter, and reduced raw material costs, expansion of energy business, and sales of regulatory credit quotas also contributed to the growth in earnings. Adjusted earnings per share were $0.72, exceeding market expectations, and the automotive gross margin (excluding regulatory credit quotas) increased to 17.1%.

Musk predicted in a conference call that, thanks to reduced car costs and the advent of autonomous driving, Tesla's car sales could grow by 20% to 30% in the best-case scenario next year.

Wealth soars by $33.5 billion

Thanks to the significant increase in Tesla's stock price, Elon Musk's wealth also skyrocketed.

According to data from the Bloomberg Billionaires Index, Musk's net worth increased by $33.5 billion in a single day, reaching $270.3 billion (approximately 1924.5 billion yuan), further widening the gap between him and Amazon founder Jeff Bezos.Musk controls nearly 13% of Tesla's outstanding shares, and Tesla's equity also accounts for the majority of his net worth. He also owns the majority of the shares in SpaceX, a space exploration company valued at over $200 billion.

In addition, Musk has stakes in several other companies under his umbrella, including social media company X, brain-computer interface company Neuralink, artificial intelligence company xAI, and underground tunneling company The Boring Company.

It is worth noting that prior to the release of the third-quarter financial report, Tesla's stock price continued to decline, at one point recording the worst monthly performance of the year. However, after the latest quarterly report was published, Tesla's stock price recouped its previous losses.

So far this year, Tesla's stock price has risen by nearly 5%, while the Nasdaq has increased by over 22% and the S&P 500 has risen by nearly 22% during the same period.