Elon Musk’s Fortune Climbs $30 Billion on Tesla’s Record Quarter for Deliveries

Elon Musk’s Fortune Climbs $30 Billion on Tesla’s Record Quarter for Deliveries

SpaceX and Tesla CEO Elon Musk, a one time world’s richest person whose net worth crossed $185bn (£136bn) in the year 2021, has recently recorded one of the biggest one-day jumps in his wealth as the year 2022 kick starts.

According to reports, Tesla Inc has hoarded massive income after smashing the company’s previous records of its EV vehicle deliveries and the electric car maker’s shares on Monday soared ‘to the moon.’ Musk’s own wealth spiked from US$33.8 billion to a whopping US$304.2 billion as of Jan 3, according to the Bloomberg Billionaires Index.

Musk, once again surpassed Amazon CEO Jeff Bezos, who now stands second on the list with a US$196 billion fortune.

Musk’s fortune jumped by $33.8 billion on Monday to $304.2 billion, according to the Bloomberg Billionaires Index. Jeff Bezos, second on the list, has a $196 billion fortune.

Tesla’s shares rose 13.5% to $1,199.78 on Monday after fourth-quarter results handily exceeded analysts’ estimates for auto-deliveries. 

The company’s market valuation jumped back above $1 trillion last month after a dip in November and early December.

Musk, who owns about 18% of Tesla, helped trigger the slide when he said he would reduce his stake in the company by 10%. He’s sold more than $10 billion worth of shares since November, part of a plan to generate cash to pay tax obligations.

Elon Musk

The company’s market valuation jumped back above $1 trillion last month after a dip in November and early December.

Musk, who owns about 18% of Tesla, helped trigger the slide when he said he would reduce his stake in the company by 10%. He’s sold more than $10 billion worth of shares since November, part of a plan to generate cash to pay tax obligations.

Musk’s net worth, which also includes his stake in rocket manufacturer SpaceX, reached a high of $340 billion last year, surpassing the peak inflation-adjusted net worth of John D Rockefeller and briefly making him the richest person in modern history.

Musk was also named as ‘Person of The Year 2021’ by Time Magazine as 2021 came to an end. The billionaire took over the title from US President Joe Biden and Vice President Kamala Harris, both of whom made it on the cover of the prestigious magazine earlier title last year.

In the official announcement, Time revealed that the one time world’s richest man currently does not own a house, and has instead been selling off his fortune, referring to Musk’s Tesla stocks holdings. 

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