Elon Musk, the world’s richest billionaire, recorded exponential gains in his net worth, based on the Bloomberg Billionaires Index, as Tesla’s stock rose exponentially.

Musk’s net worth is now estimated at $253 billion, far exceeding Amazon founder, Jeff Bezos’ fortune of $193 billion.

SpaceX’s recent stock sale and Tesla’s stock high performance have pushed the parent company’s valuation to above $100 billion, driving up Elon Musk’s net worth by about $83 billion this year.

The father of six owns about 20% of Tesla, according to a regulatory filing from August 2021. His holdings cover part of his personal obligations. According to a December 2020 filing, he owes about $500 million to three banks in the United States.

Bloomberg reports that SpaceX’s agreement with investors added $11 billion to Musk’s wealth, and the aerospace manufacturer is now the second-most valuable private company in the world.

With Friday’s record high, Tesla Inc. shares moved closer to joining an elite group of companies with a market value over $1 trillion.

What you should know

In New York, the stock soared up to a high of $910, then closed at $909.68. It briefly overtook Facebook’s valuation.
Despite some wild swings in the first half of the year, Tesla stock has been climbing steadily since early June, helped by two sets of strong quarterly results which showed the company is handling the semiconductor shortage much better than traditional carmakers. It was an impressive third quarter in terms of deliveries and margins, with investors impressed by the period’s margins.
Despite a big push by legacy automakers to develop competitive models, along with the emergence of a few new players, Tesla makes two of the most popular electric vehicles in the world – the Model 3 and Model Y.
Tesla is expected to benefit from the continued growth of EV adoption, especially with strong policy support. It is on this that investors bet.