Love him or hate him but you can’t ignore him. He will keep ruling the discussion boards, social media platforms, and news portals. That’s Elon Musk.
Tuesday, his company Tesla recorded a spike in its share by 20%. It is the biggest surge in Tesla share in more than a year. With this share spike, Elon Musk added a whopping $25 billion to his fortune in a day. It helped Elon to push his wealth to $174 billion.
Current Status of Elon Musk and Jeff Bezos Wealth
As per the Bloomberg Billionaires Index, Amazon’s Jeff Bezos is currently the richest man in the world. Tuesday market has reduced the gap between Elon and Jeff. Nasdaq saw a total surge of 3.7% due to big firms Apple, Facebook, and Amazon.
Bezos added $6 billion to his wealth due to Amazon’s share value increment. Now he has a $180 billion net worth compare to the $174 billion net worth of the World’s second richest man, Elon Musk. In January, Elon broke all records when his fortune crossed $210 billion in value.
Musk and Bezos are fighting for the top spot for the last few months. In January, Elon became the richest man in the world. He could not stay there for long due to the 36% decline in Tesla share. As per the latest Bloomberg Billionaire Index data, Jeff Bezos is leading the race of the richest person in the world by a difference of $6 billion.
Why Tesla Share Surged?
Tesla shares rise is due to new US President Joe Biden’s interest in clean energy and advanced technology. It fueled investors to invest in Tesla.
China’s automobile market also played a key role in Tesla’s share surge. Due to more Tesla car sales in China, experts increased the rating of Tesla in the stock market. Financial experts expected a surge in Tesla share due to the strong demand for electric vehicles. The Tesla share reached $900 from $578. Finally, it ended on $673.58 after the strongest surge since February 2020. Tesla’s share is still lower than its highest January value.
New Street Research analyst Pierre Ferragu raised his Tesla rating to “buy” from “neutral,” and upped his target price to $900 from $578.
In February, Tesla sold around 18318 vehicles in China. These vehicles were also manufactured in China. In January, it sold 15484 china made vehicles, as per the China Automobile Body CPCA report.