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World’s richest man, Elon Musk, earns $5 billion in a day, now worth $209 billion

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World’s richest man, Elon Musk, earns $5 billion in a day, now worth $209 billion

Despite Evergrande contagion creating some havoc in key markets, Elon Musk, the world’s richest man, posted impressive gains according to Bloomberg’s Billionaires Index as investors made strong bets on the world’s most valuable car company.

Friday’s trading session at the world’s largest economy yielded gains of about $5.07 billion, making the South African-born entrepreneur worth $209 billion. To date, the tech CEO has made $39.1 billion.

Tesla, the world’s most valuable automaker recorded a 2.75% gain in stock market trade on Friday, exceeding a $764.55 buy point. The 21-day exponential moving average has provided support for the shares. A trend of rising relative strength is evident, as well as the sloping 50-day line.

Moreover, investors are also holding tight to the blue-chip stock after Cathie Wood, the Chief Investment Officer of Ark Investment Management, announced that she would sell Tesla Inc. if its price reaches her five-year target this year. She said she expects the electric-vehicle maker’s stock price in five years to be $3,000, roughly above $750 today.

“I believe we would be peeling out of it if nothing changes in our outlook and we reach $3,000 next year,” she said. Generally, stock experts expect that a Democratic-controlled U.S government would be positive for Tesla in the long run, on the basis that there would be more investments in renewable energy in the future.

Musk currently runs Tesla, America’s most valuable car company, as well as SpaceX, which is NASA’s largest customer.

Regulatory filings from February 2020 indicate Musk owns about 20% of Tesla. The collateral used for his personal obligations is part of his holdings.

The Palo Alto, California-based company makes electric sedans and SUVs, and investors are optimistic about the possibility of global government policies encouraging the adoption of electric vehicles.

Tesla built a factory to manufacture its large-scale Megapack battery system. Megapack energy storage is intended for utilities.

As of the start of last year, the fifty-year-old tech tycoon was not listed among the top 50 richest people in the world. In July of that year, he passed Warren Buffett as America’s seventh-richest person.

119 million troy ounces of gold or 2.68 billion barrels of crude oil equal his current net worth.

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