Despite tapering concerns at the world’s most powerful economy, Elon Musk appears unstoppable as he approaches the $245 billion mark for the world’s richest man.
Bloomberg Billionaires Index data indicates that Musk is now worth $243 billion, surpassing Jeff Bezos’ fortune of $199 billion.
Tesla and SpaceX CEO’s net worth has grown by $73 billion this year alone, thanks to Tesla’s stellar performance and a recent stock sale at SpaceX that pushed the company’s valuation above $100 billion.
It’s the fastest rise to the top of the rich list in modern history, and Musk has made a dramatic turnaround from a debt-ridden business less than two years ago after Tesla burned through cash to stay afloat.
His current holdings are equivalent to 138 million troy ounces of gold and 2.88 billion barrels of crude oil.
Tesla stock rose as much as 4% to $875 in New York on Monday before closing at $870, up nearly 55% from a March 8 low of $563. Since before the Covid-19 pandemic roiled markets, it had been on an eight-week winning streak.
By pushing ahead of Berkshire Hathaway Inc., it has become the sixth-largest publicly listed company in the U.S.
In recent months, Tesla shares have been steadily rising thanks to its strong quarterly results, which showed the company handled the semiconductor shortage better than traditional carmakers. Quarterly deliveries topped predictions.
On October 20, Tesla will release its third-quarter earnings. Analysts revised its earnings estimates upward in the last month, one of the very few global auto stocks to have done so. Most of the other automakers saw their estimates cut due to the chip shortage.
Although legacy automakers around the world are pushing hard for electric vehicles, and a number of new players have emerged, Tesla continues to dominate the market by producing some of the best-selling EVs, including the Model 3 and Model Y.