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Elon Musk’s Wealth Increased In A Day By More Than 26 billion Dollars

The world’s richest man just got a whole lot richer after Tesla CEO Elon Musk enjoyed a historic rally in Tesla shares, fueled by the electric vehicle company’s latest earnings report.

KEY FACTS

  • Tesla’s stock price jumped about 22% in trading on Thursday, its biggest daily gain since May 9, 2013.
  • It came as investors reacted positively to a big third-quarter earnings growth, the biggest cash generation in eight quarters, and several encouraging details shared by Musk on the accompanying conference call with analysts.
  • The earnings report “reminds us that growing the auto business profitably remains a high priority for Tesla,” Morgan Stanley analyst Adam Jonas wrote, alluding to earlier concerns about Tesla’s shrinking profit margins as it emphasizes self-driving car initiatives.

FORBES ASSESSMENT

The rally added $26.4 billion to the fortune of Tesla’s largest shareholder Musk, whose lead as the richest person alive grew to more than $55 billion. Musk owns 269.8 billion dollars, and the second in the ranking – Larry Ellison has a fortune of 212.2 billion dollars.

BIG NUMBER

150 billion dollars. Tesla added roughly that much market capitalization on Thursday. The rally turned the stock’s year-to-date performance from a 14% loss to a nearly 5% gain.

Only 1% Of Cyprus Farms Use Precision Farming Technologies

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

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