Elon Musk’s net worth soars by $6 billion in 24 hours, regains top spot among billionaires

Tesla CEO, Elon Musk, is rapidly regaining his lost fortune as his net worth soared by almost $6 billion in just one day. Nairametrics, relying on Forbes data, observed that the 52-year-old’s net worth reached an impressive $242.4 billion, marking a 2.48% increase from the previous $236.5 billion on Monday.

The significant rebound is a remarkable comeback for Elon Musk, especially considering the appreciation in Tesla’s share value. At the start of Monday’s trading session, Tesla stocks were valued at $255. However, they surged by 3.48% to reach $269.09 today.

As Elon holds stakes well above 10% in Tesla, the surge in share prices naturally resulted in substantial benefits for the billionaire entrepreneur. Tesla’s recent stock price surge is largely attributed to the company’s interest in establishing a factory in India to produce low-cost electric vehicles for both domestic and international markets. The production of an all-new $24,000 car is also in the pipeline, as reported by Reuters.

Furthermore, Tesla has been enjoying remarkable momentum in the electric vehicle market, delivering nearly 890,000 cars in the first half of the year. This delivery figure surpasses the combined electric vehicle deliveries of prominent German automakers like Volkswagen AG, BMW AG, Mercedes-Benz Group AG, and Porsche AG. The German automakers, in contrast, face challenges as software issues delay key models and contribute to declining sales, especially in China.

On the other hand, Tesla and BYD Co. have made significant strides in China, with Tesla 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.

Elon Musk’s net worth faced a significant setback recently when Tesla shares plummeted, causing him to briefly lose his top spot in the billionaire ranking. However, his fortune turned around on Monday morning, as Tesla’s stock surged and he reclaimed the number one position among the world’s billionaires.