World Richest Man, Elon Musk’s net worth jumped by $10.5 billion as a result of an approximately 6% increase in Tesla’s stock.
The 4.2% increase in Musk’s networth puts his total wealth at $260.4 billion.
Tesla share price and investors’ reactions
The 5.9% increase recorded at Tesla raised the share price to about $261 for the stock when markets closed Wednesday afternoon.
This development follows a recently released report that showed a 7% decline in vehicle deliveries during the third quarter. The company however attributed the development to factories being temporarily shut down for upgrades.
Despite this, investors report that with the launch of a revamped Model 3 car in China and the expected launch of the Cybertruck a fourth-quarter rebound is possible.
Elon Musk Networth: What you need to know
The Tesla Boss first became the world’s richest man on Forbes’ Billionaires List in September 2021.
Addressing newsmen, Musk said, “I’m sending a giant statue of the digit ‘2’ to Jeffrey B., along with a silver medal.”
Musk overtook Amazon’s Jeff Bezos—who, currently boasts an estimated net worth of $149.8 billion.
While Musk and French fashion mogul Bernard Arnault have flipped back and forth between the No. 1 and No. 2 spots, Musk has maintained his spot as No. 1 in recent weeks.
Where Musk’s $260.4 billion net worth comes from
Musk’s net worth comes from a 42% stake in SpaceX, which amounts to $60.2 billion, and X (formerly known as Twitter) which is now worth $8.9 billion.
Also, around $170.6 billion of his $260.4 billion net worth comes in the form of Tesla stock.
He reportedly has $5.2 billion in cash and other liquid assets.
Abdul Samad Rabiu’s journey to becoming one of Africa’s wealthiest magnates is…