Tesla CEO, Elon Musk is well on his way to regaining his lost fortune, as his net worth gained almost $6 billion within a day.
Nairametrics observed based on Forbes data, that the 52-year-old’s net worth had hit a $242,4 billion mark up by 2.48% from its previous $236.5 billion on Monday.
This is a major comeback by the Twitter CEO, Elon Musk and it is a testament to the appreciation in share value of the EV maker.
How did Elon Musk make $5.9B?
At the beginning of Monday’s trading session, Tesla’s stocks were valued at $255. However, as of today, these stocks have surged by 3.48% to reach $269.09.
Given that Elon holds stakes well above 10%, he was bound to reap significant benefits from this surge in share prices.
This recent surge in Tesla’s share price is largely attributed to the company’s interest in establishing a factory in India.
The factory aims to produce low-cost electric vehicles for both the domestic and international markets, with the production of an all-new $24,000 car in the pipeline, as reported by Reuters.
Moreover, Tesla has been enjoying unwavering momentum in the EV market, having delivered nearly 890,000 cars in the first half of this year.
Impressively, this figure surpasses the combined electric vehicle deliveries of prominent German automakers, including Volkswagen AG, BMW AG, Mercedes-Benz Group AG, and Porsche AG.
The German automakers, on the other hand, are facing challenges as software issues delay key models and contribute to a decline in sales, especially in China, their largest market.
Meanwhile, Tesla, along with BYD Co., has made significant strides in China, even dominating the home market as the top EV brand.
As Tesla continues to pursue higher volumes with aggressive price cuts, it places increasing pressure on legacy automakers who are struggling to keep up.
In the three months leading to June, Tesla’s EV sales outpaced VWs by an impressive 30 percentage points, further widening its lead in the market.
Elon Musk’s Backstory
Elon Musk’s net worth faced a significant setback on Sunday when Tesla shares plummeted, dropping him to the second position in the billionaire ranking.
Just last week, Nairametrics reported that Musk experienced a staggering loss of nearly $20 billion due to a significant decline in investor confidence.
Tesla’s once-soaring shares, which had previously propelled Musk to the top of Forbes’ billionaire ranking in June, suffered a decline of over 7% that week.
As a result of this market turbulence, Musk’s net worth suffered a substantial decrease of approximately $21.2 billion, leaving him with a total net worth of $236.5 billion as of Sunday morning.
Interestingly, the new frontrunner, French luxury goods tycoon Bernard Arnault, surpassed Musk with a margin of $1.6 billion.
However, Elon Musk’s fortune turned around on Monday morning, as he regained the top position after Bernard Arnault’s LVMH took a hit with considerable drops in company shares.
