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  • Business - Entrepreneurship
  • Updated: 3 months ago

Elon Musk Retakes Richest Man Position As Tesla Stocks Soar

Elon Musk has regained the world's richest man title after gaining about $3.52 billion at the end of Thursday's trading session.

According to the Bloomberg Billionaire Index, the 50-year-old entrepreneur is now estimated to be worth $196 billion, surpassing Jeff Bezos, who is currently worth $192 billion.

Tesla’s share price increased 2.2% on Thursday, contributing to the billionaire’s record gains. The value of the world’s most valuable car company currently stands at $715 billion with about 123% yearly growth.

Global investors have piled into shares of the Palo Alto, California-based company focused on manufacturing electric sedans and sports utility vehicles, on some optimism that global government policies are likely to encourage the adoption of electric vehicles.

Besides news about Tesla’s strong deliveries from its China factory, the stock’s upward trend may have been triggered by a generally bullish day for growth stocks.

More than 50% of Tesla’s vehicle deliveries are expected to increase each year. China, where Tesla’s factory contributed to nearly 40% of the company’s installed manufacturing capacity in Q2, is critical to achieving this target.

As of February 2020, Elon Musk owns 20% of Tesla, and he is entitled to receive billions more from his payroll agreement based on Tesla stock.

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