Elon Musk sets a new record: Gains $25 billion in a single day!

Elon Musk
Tesla’s CEO, Elon Musk has set a new record by making $25 billion in a single day surge. Tesla’s shares made a jump by 20% on Tuesday- the biggest gain in more than a year. At Tuesday’s closing, the Tesla stock was up 19.64 per cent at $673.58 per share.

With this gain, Musk again closed the gap between him and Bezos, current richest man, with Musk’s net worth touching $174 billion. Overnight, Nasdaq surged 3.7%, led by gains in Big Tech companies such as Apple, Amazon and Facebook.

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In January 2021, Musk had managed to take Jeff Bezos’ throne as the richest man in the world, with his fortune peaking at $210 billion in February, according to a ranking of the world’s 500 wealthiest people. However, he was again replaced by Bezos after a 2.44 percent drop in Tesla stock on February 16, which cost Elon Musk $4.6 billion. The surge in Bezos’s Amazon.com Inc shares helped him gain $6 billion, taking his net worth to $180 billion.

With such a high gain, Elon Musk is close to dethroning Bezos as the richest man again, with only a difference of about $6 billion between them.

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. Along with this upgrade, consistent quarterly profits, the election of President Joe Biden-who has been clear with his interest in the embrace of clean technologies, and enthusiasm from retail investors, are what helped Tesla to rise back into the competition.

Tesla sold 18,318 China-made vehicles in February, up from 15,484 in January, Chinese auto industry body CPCA said.

Just last month, Musk’s Tesla made a $1.5 million investment in Bitcoin, which sent the cryptocurrency surging by 15%. Elon Musk has been keen in showing his interest and support regarding cryptocurrency, and believes that it’s going to be an avid part of the future.

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