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World’s 2nd richest person, Elon Musk earns $4 billion in a day, as Tesla posts impressive earnings

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World’s 2nd richest person, Elon Musk
ELON MUSK

The world’s second-richest man, Elon Musk saw his daily wealth earnings surge by $3.75 billion over Tesla’s decent showing in its Q2 result, released on Monday night. The 50-year-old billionaire now has a net worth of $180 billion with its year-to-date gains standing at $10.6 billion according to data retrieved from the Bloomberg Billionaires Index.

The world’s most valuable carmaker posted an impressive Q2 earnings result after Monday’s trading session, beating both its top and bottom lines. Shares rallied by 2.21%.

The South African born tech businessman is $32 billion short of being the world’s richest man, as Jeff Bezos with a wealth valuation of $212 billion holds that title.

Musk’s current net worth can buy 101 million troy ounces of gold or 2.40 billion barrels of crude oil.
The $633.5 billion valued company posted $1.14 billion in (GAAP) net income in Q2, the first time its earnings surpassed $1 billion. In the same corresponding period for 2020, Tesla’s net income stood at $104 million.

The company also revealed it didn’t buy or sell its Bitcoin stash as the Elon Musk-led company currently holds about $1.3 billion in Bitcoin.

However, a $23 million impairment related to the value of its Bitcoin stash was disclosed as an operating expense.

The electric car maker also posted deliveries of 201,250 electric vehicles. The production of 206,421 vehicles in its second quarter highlighted the growing demand for the high-performance version of its flagship sedan, the Model S Plaid.
Elon Musk’s wealth valuation in the past few years has enjoyed significant upsides as global investors pile into shares of the Palo Alto, California-based company known for selling sports utility vehicles and electric-powered sedans, on some positivity that it will likely benefit from the world’s largest economy’s push towards electric vehicle adoption.

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