With yet another record wealth rise, Tesla Chief Elon Musk is neck-and-neck with Bezos again, and has China to thank for making him richer by $25 billion in a single day.
The world’s most volatile multi-billionaire is back in the news and this time, with another ‘wealth record’. A day ago, Elon Musk added a whopping $25 billion to his net worth. This was the highest single-day wealth rise for any individual till date. On March 9, the World Billionaire Index recorded a massive addition in the net worth of the Tesla CEO. Musk’s value now stands at $174 billion from $149 billion in the matter of 24 hours.
Elon Musk Neck-And-Neck With Bezos Again- Race Resumes!
The huge spike in Elon Musk’s wealth was recorded after Tesla’s stock price surged 19.6 percent settling at $673.58. The stocks of the electric car maker still remain lesser than the historical growth it documented in January this year. However, it was enough to place Elon Musk back in the race of the world’s richest billionaires. The an opportunity to stabilize himself alongside Amazon founder Jeff Bezos was gradually slipping from Musk’s grasp after continuous fall in net worth since February.
Factor’s in the latest spike in Tesla and Musk’s value
A total of 960 million outstanding shares of Tesla Inc. are publicly listed on NASDAQ. Out of this, CEO Musk holds an outright 170 million shares. The figure is sufficient enough to tell how important Tesla’s market cap is for Musk’s own net worth. The registered $25 billion rise in his net worth is also the result of Tesla’s bullish day. Tesla’s stock price was setback by multiple selloffs in the past few weeks. But the notable rebound of Tesla’s shares was the result of growth in the company’s China sales this year. According to leading Chinese auto industry body CPCA, February saw Tesla record an increase in its China sales from 15,484 to 18,318 cars.
The notable rebound of Tesla’s shares and Musk’s wealth was the result of growth in the company’s China sales.
Tesla shares surged 20% after New Street Research analyst Pierre Ferragu projected the two years of earning momentum. Ferragu also stated that Tesla’s demand outlook is far stronger than supply. This analysis was accompanied by Ferragu rating Tesla from ‘neutral’ to ‘buy’. This scaled up the target price from $578 to $900.
Watch: Why analyst Ferragu scaled Tesla’s price target to $900
Race Resumes — Musk coming for Jeff Bezos’ number one spot again
After the Tesla stock price started to plummet due to multiple reasons, Elon Musk had set another wealth record by losing $15 billion in a single day late in February. This crash in Tesla CEO’s net worth was the result of a series of tweets him posted about the company’s investment in Bitcoin.
However, the record was short-lived and is now toppled by another record wherein Elon Musk gained a whopping $25 billion in a single day. This brings him back in the race of becoming the world’s richest man, standing neck-and-neck with Jeff Bezos. After a spike in the shares of Amazon Inc., Jeff Bezos gained $6 billion, increasing his net worth to $180 billion. However, just when the world thought that Musk’s 2021 purple patch was over after Bezos reclaimed his throne, SpaceX Founder made a historical bounce back.
Watch: Musk vs Bezos – The Race to Trillion
The last time Elon Musk dethroned Jeff Bezos from the position of the world’s richest individual was in January. Now that Tesla stocks are on the up again, Musk’s wealth accumulation is back with meteoric momentum. The two richest business tycoons now stand merely $6 billion apart.