Elon Musk’s net worth is rising and rising fast after it plunged to the lowest level in almost a year. The billionaire- world’s third-richest person- has gained $37.3 billion in net worth in just five days as per Bloomberg Billionaires Index. This marks his largest weekly gain since March 2022 at a time when he agreed to buy Twitter- which he later renamed X- for $44 billion in one of the biggest buyout deals.Â
Not only Tesla, Elon Musk’s SpaceX has also gained more than 40% in value between mid-2022 and the end of 2023.
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Why is Elon Musk’s net worth soaring?
Tesla CEO’s net worth rose after shares of the company rallied the most in more than three years as it was reported that the firm received in-principle approval from China to deploy its driver-assistance system in the country. Tesla also announced last week that the electric-vehicle maker will introduce a less-expensive car as soon as this year.Â
By how much has Elon Musk’s net worth increased?
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Elon Musk added $18.5 billion to his fortune on Monday alone. This is the 13th-largest market-driven daily gain for any billionaire on Bloomberg’s wealth index and Elon Musk’s seventh-biggest.Â
With a net worth of $201.5 billion, Elon Musk may soon overtake second-place Jeff Bezos. Elon Musk has already surpassed Mark Zuckerberg last week.
Elon Musk’s challenges remain
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It was earlier reported that Tesla has asked shareholders to vote again on Elon Musk’s $56 billion compensation package which was voided by a Delware court early this year. If this is rejected, Elon Musk may lose stock options that make up nearly a quarter of his net worth.
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