Elon Musk sets a new milestone — adds nearly $25 billion to his net worth in just one day

Mar 10, 2021

By: Navdeep Yadav

​According to the Bloomberg billionaire index, Musk's net worth swelled to $174 billion on March 9...

...from $149 billion a day ago.

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​His net worth jumped after Tesla's stock gained 19.6 percent to end at $673.58.

That was the first win after a streak of five losing sessions amid a broader selloff in the tech stocks.

Credit: BCCL

​The US stock market index Nasdaq — where Tesla is listed— surged 3.7 percent

Leading to massive gains in big tech companies such as Apple, Amazon and Facebook.

Credit: BCCL

​The surge in tech stocks also sent Musk's rival Bezos's net worth to $180 billion.

Musk and Amazon’s Jeff Bezos have been alternating the pole position as the world's richest man for some time now.

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​The 49-year old billionaire unseated Bezos as the world's richest person on January 10…

...when his net worth touched a record high of $209 billion.

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​But the title was short-lived, and Musk lost it to Bezos again.

Tesla founder's fortune plummeted more than 28 percent to $149 billion in just two months — and a major fall came in the last 5 sessions.

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​Tesla's stock rallied after a spike in China sales figures and analysts raised the stock's target price.

The spike in the stock was still bigger than its rivals — Nio revved up 17 percent, and XPeng leapt 11 percent.

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The jump added over $100 billion to Tesla's market capitalisation — the biggest daily rise in a year.

Refinitiv data showed that Tesla stocks worth nearly $43 billion exchanged hands — more than any other stock.

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Research analyst Pierre Ferragu raised Tesla rating to "buy" from "neutral".

The analyst also raised the target price to $900 from $578 earlier.

Credit: BCCL

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