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In the past five days, the world’s third-richest person has gained $37.3 billion in net worth, according to the Bloomberg Billionaires Index. That’s his largest weekly gain since March 2022, just before he agreed to buy Twitter Inc. for $44 billion in one of the biggest leveraged buyout deals in history. Since then, his fortune has tumbled just as often as it has increased after a breathtaking ascent in 2020 and 2021.
Tesla Inc. shares rallied the most in more than three years Monday following reports that it received in-principle approval from Chinese officials to deploy its driver-assistance system in the world’s biggest auto market. That followed news last week that the electric-vehicle maker plans to introduce a less-expensive car as soon as this year, which eased concerns about disappointing earnings.
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Musk added $18.5 billion to his fortune on Monday alone, the 13th-largest market-driven daily gain for any billionaire on Bloomberg’s wealth index and Musk’s seventh-biggest. With a net worth of $201.5 billion, he’s close to overtaking second-place Jeff Bezos, after he surpassed Mark Zuckerberg last week.
Prior to the recent rally, Tesla spent much of the year as the worst-performing stock on the S&P 500 Index amid price cuts and a surprise drop in vehicle deliveries. The value of X, meanwhile, has slumped about 73% since Musk bought it two years ago, according to a March valuation from the Fidelity Blue Chip Growth Fund, which invested alongside him.
One bright spot for Musk’s wealth has been SpaceX, which gained more than 40% in value between mid-2022 and the end of 2023.
The billionaire is also facing pressure domestically. Tesla has asked shareholders to vote again on Musk’s $56 billion compensation package that was voided by a Delware court early this year. If it’s rejected, Musk risks losing stock options that make up nearly a quarter of his net worth, according to Bloomberg’s wealth index.
With assistance from Tom Maloney
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Subscribe to The Economic Times Prime and read the ET ePaper online.