Elon Musk’s net worth is soaring after falling to its lowest level in almost a year.
In the last five daysthe third richest person in the world has won 37 thousand 300 million dollars in net worth, according to the Bloomberg Billionaires Index. This is its biggest weekly gain since March 2022, just before will agree to buy Twitter for 44 billion dollars in one of the largest agreements in history.
Since then, his fortune has fallen as often as it has risen after an impressive rise in 2020 and 2021.
What did Tesla have to do with the growth of Musk’s fortune?
Tesla shares posted their biggest rally in more than 3 years during this Monday, April 29 after it received approval from Chinese officials to implement its driver assistance system in the world’s largest automotive market.
This followed last week’s news that the electric vehicle maker plans present a less expensive car this yeareasing concerns about disappointing earnings.
On Monday alone, Musk added $18.5 billion to his fortune, the 13th largest daily market-driven gain for any billionaire on the Bloomberg Wealth Index and the seventh largest for Musk. With a net worth of 201.5 billion dollarsis close to overtaking second-place Jeff Bezos after he overtook Mark Zuckerberg last week.
What are the ‘sources’ of Elon Musk’s wealth?
Musk, 52, derives his wealth from his stakes in Tesla, Space Exploration Technologies and X, a social network formerly known as Twitter.
Before the recent rally, Tesla spent much of the year as the worst performing stock in the S&P 500 index amid price cuts and a surprise drop in vehicle deliveries. Meanwhile, X’s value has fallen about 73 percent since Musk bought it two years ago, according to a March valuation by the Fidelity Blue Chip Growth Fund, which invested alongside him.
A ‘comfort’ for Musk has been SpaceX, whose stock gained more than 40 percent between mid-2022 and the end of 2023.
The billionaire also faces pressure at the national level. Tesla has asked shareholders to vote again on Musk’s $56 billion compensation package which was overturned by a Delware court earlier this year. If rejected, Musk risks losing stock options that account for nearly a quarter of his net worth, according to the US Wealth Index. Bloomberg.
