GG News Bureau
New Delhi, 30th April. Elon Musk’s net worth is experiencing a significant rebound after reaching its lowest point in nearly a year. According to the Bloomberg Billionaires Index, the world’s third-richest person has seen his wealth increase by a staggering $37.3 billion in just the past five days. This marks his largest weekly gain since March 2022, right before his historic $44 billion leveraged buyout of Twitter.
This surge comes on the heels of positive news for Tesla. The electric carmaker’s stock witnessed its biggest rally in over three years on Monday following reports of in-principle approval from Chinese authorities to deploy its driver-assistance system within their vast auto market.
Additionally, news last week regarding Tesla’s plans to introduce a more affordable car this year helped alleviate concerns sparked by previous disappointing earnings reports.
Notably, Musk himself added a hefty $18.5 billion to his fortune on Monday alone, ranking as the 13th-largest market-driven daily gain for any billionaire on the Bloomberg index and his personal seventh-biggest. With a current net worth of $201.5 billion, Musk is now inching closer to surpassing Jeff Bezos for the second-place spot, having already overtaken Mark Zuckerberg last week.
The 52-year-old billionaire derives most of his wealth from his significant stake in Tesla, along with holdings in SpaceX and X (formerly known as Twitter). However, it’s important to note that prior to this recent surge, Tesla’s stock had been the worst performer on the S&P 500 Index for much of the year, weighed down by price cuts and unexpected drops in vehicle deliveries.
Furthermore, the value of X has reportedly plummeted by around 73% since Musk’s acquisition two years ago, according to a March valuation from the Fidelity Blue Chip Growth Fund, which co-invested with him.
SpaceX serves as a bright spot for Musk’s finances, having experienced a value increase of over 40% between mid-2022 and the end of 2023. Nevertheless, challenges remain for Musk domestically. Tesla is seeking shareholder approval once more for Musk’s $56 billion compensation package, which was earlier struck down by a Delaware court this year. Rejection could result in Musk losing stock options that constitute nearly a quarter of his net worth, as per the Bloomberg Billionaires Index.
Additionally, the US Supreme Court denied an appeal from Musk on Monday regarding his “Twitter sitter” case, upholding his agreement with the Securities and Exchange Commission to have an in-house lawyer pre-approve his Tesla-related social media posts.
