Elon Musk recently set a new record by earning $25 billion in a single day. According to the Bloomberg Billionaires Index, Tesla Inc.’s 20 percent gain on Tuesday, its biggest in more than a year, increased the billionaire founder’s wealth to $174 billion, closing the gap with Jeff Bezos, the world’s richest individual. Nasdaq rose 3.7 percent overnight, boosted by gains in Big Tech companies like Apple, Amazon, and Facebook.
Bezos’ net worth increased to $180 billion due to a $6 billion rise in Amazon.com Inc stock. Elon Musk dethroned Jeff Bezos as the world’s richest individual in January. According to the index, which ranks the world’s 500 richest individuals, Musk’s fortune peaked at $210 billion later that month.
Tesla Inc.’s stock soared nearly 20% on Tuesday, rebounding from a deep selloff with its biggest daily gain in a year after data showed a rise in China sales and an analyst upgraded the stock’s ranking. On Tuesday, New Street Research analyst Pierre Ferragu upgraded Tesla to buy from the equivalent of a hold, saying the company has two years of earnings momentum ahead and its demand outlook is stronger than supply could ever be.
Tesla’s stock completed at $673.58, the highest daily gain since February 2020. The stock is still down more than 20% from its all-time peak in January.
