Elon Musk, worth $204 billion at the end of Tuesday, overtook Jeff Bezos, worth $202 billion, for the title of world’s richest man.
According to the Bloomberg Billionaire Index, the 50-year-old tech entrepreneur and lover of Crypto assets recorded daily gains of about $4.72 billion as investors piled into Tesla stocks at record levels.
A 0.3% decline in the S&P 500 was reported Tuesday. About 0.8% of the Dow Jones Industrial Average was lost. On the other hand, the world’s most valuable car company, Tesla gained 2.6%.
The stock is increasingly being bought by investors following reports that the company plans to grow its unit volumes by 50% for the foreseeable future. In addition to expanding product lines, the company will expand into new vehicle segments.
There has been speculation for a while about Tesla building a $25,000 car. In 2023, that would likely be the case.
Electricity storage facilities have been set up in places such as Australia, Belgium, and California by Tesla, which is building a global business in this field. A second battery facility with hundreds of megawatts of capacity is being built near Austin. A new battery facility is being built near Houston.
According to a filing filed with the SEC in August 2021, Musk owns 20% of Tesla. His personal obligations are collateralized by part of his holdings. He has at least $500 million stashed away in three U.S. banks, according to a December 2020 filing.
Tesla, a maker of electric vehicles, is headed by Musk. Located in Palo Alto, California, the company sells sedans and sport utility vehicles as well as employing more than 56,000 people.
In addition to being the CEO of SpaceX, Musk is also the company’s chief executive.
114 million troy ounces of gold can be purchased by Elon Musk’s net worth of $204 billion, which can also buy 2.83 billion barrels of crude oil.
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