Musk Set to Become World's First Trillionaire as His Wealth Continues to Grow Rapidly - Report

© REUTERS / Aly SongTesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China January 7, 2020
Tesla Inc CEO Elon Musk dances onstage during a delivery event for Tesla China-made Model 3 cars in Shanghai, China January 7, 2020 - Sputnik International, 1920, 20.10.2021
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Despite global microchip shortages, Tesla's net income, operating profit, and gross profit all reached new highs in the third quarter. Due to its skyrocketing share price, which has risen by 18% since the start of the year, Tesla has been the key driver of Musk's exorbitant riches.
Elon Musk is on the verge of becoming the world's first trillionaire, The Telegraph reported on Wednesday, citing analysts, as his electric vehicle company Tesla revealed a record quarter.
Because of the immense growth potential of SpaceX, Musk is on course to become the first individual with a 13-figure fortune, according to Morgan Stanley analyst Adam Jones.
According to the company's recent Q3 earnings report, for the quarter, Tesla earned $1.62 billion in (GAAP) net income, the second time it has crossed $1 billion. Net income was $331 million in the previous quarter.
Tesla's three-month revenue increased by 57% to $13.8 billion, while profits increased by 77% to $3.7 billion. Moreover, the company announced earlier this month that it had built 237,823 automobiles and delivered 241,300 in the first quarter.
Improved gross margins of 30.5% on its automotive division and 26.6% overall, both records for at least the last five quarters, drove the record results, according to the bank expert.
In this light, Tesla's plants were unable to operate at full capacity due to chip shortages and port congestion, according to the firm's report, but executives said that their production teams dealt with the problems "with ingenuity, agility and flexibility that is unparalleled in the automotive industry."

SpaceX Share in Elon's Wealth Only to Grow

According to Bloomberg's Billionaire Index, SpaceX currently accounts for approximately 17% of Elon Musk's $242 billion fortune, as of Wednesday.
However, Jones reportedly wrote in a note that SpaceX was "challenging any preconceived notion of what was possible and the time frame possible, in terms of rockets, launch vehicles and supporting infrastructure."
Tesla CEO Elon Musk gestures as he visits the construction site of Tesla's Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021 - Sputnik International, 1920, 08.10.2021
Elon Musk Company ‘SpaceX’ Valuated at Over $100Bln After Secondary Share Sale, Reports Say
He also added that SpaceX is a single company that includes multiple companies ranging from earth observation and space infrastructure to deep-space exploration and other industries. Starlink, a satellite communications company, is the major reason behind the expert's $200 billion valuation projection.
Last month, Musk strengthened his position as the richest man on the planet, rising to the top of the world's billionaire list. Moreover, the Tesla and SpaceX CEO is now worth more than fellow billionaires Bill Gates and Warren Buffett combined, making him the world's richest person.
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