Twitter Deal Is ot Beneficial For Elon Musk
Elon Musk‘s fortunes have seen a remarkable turnaround after a period of decline, with his net worth witnessing a significant surge in recent days.
Latest Bloomberg Billionaires Index?
According to the Bloomberg Billionaires Index, Musk, currently ranked as the world’s third-richest person. There is anotable increase in net worth of Musk, amounting to $37.3 billion over the past five days.
Largest Weekly Gain
This surge marks his largest weekly gain since March 2022, before he agrees to acquire Twitter Inc. for $44 billion.
Why Elon Musk’s Net Worth Surge?
The boost in Musk’s wealth comes amidst positive developments for Tesla Inc., with the company’s shares experiencing their most significant rally in over three years.
Why Tesla Share Price Has Surged?
Reports indicating in-principle approval from Chinese officials for Tesla’s driver-assistance system in China, coupled with plans to introduce a more affordable vehicle later this year, have contributed to renewed investor confidence.
Elon Musk Surge In Net Worth On Monday
On Monday alone, Musk’s net worth surged by $18.5 billion, marking the 13th-largest market-driven daily gain for any billionaire on Bloomberg’s wealth index.
Elon Musk Current Net Worth
With a net worth of $201.5 billion, Musk is nearing the position of overtaking Jeff Bezos as the second-richest
Elon Musk Surpassed Mark Zuckerberg
person. The billionaire has already surpassed Mark Zuckerberg last week.
Elon Musk Wealth Source
Musk’s wealth is primarily derived from his holdings in Tesla, as well as his interests in Space Exploration Technologies Corp. (SpaceX) and X (formerly known as Twitter).
Tesla Stock Performance
Despite recent gains, Tesla had faced challenges earlier in the year, ranking as one of the worst-performing stocks on the S&P 500 Index due to price cuts and a decline in vehicle deliveries. Additionally, the value of X has significantly decreased since Musk’s acquisition two years ago.
SpaceX Performance
However, SpaceX has emerged as a bright spot for Musk’s wealth, experiencing a notable increase in value between mid-2022 and the end of 2023.
