Musk’s fortune increased by more than $ 12 billion

Tesla shares owned by Elon Musk surged in trading on Tuesday morning, thanks to which the entrepreneur’s fortune again increased by more than $ 12 billion. The corresponding data are presented on the Nasdaq exchange website, where securities of high-tech companies are traded.

Tesla shares have been declining since last week. A particularly sharp drop occurred on Monday when securities fell 5.84%. The company’s capitalization fell to $ 540.4 billion, that is, more than a third less than the maximum level reached in early January, when the capitalization was almost $ 850 billion. Musk’s fortune in terms of ownership in Tesla decreased by $ 27 billion.

But in less than two hours of trading on Tuesday, the share price rose almost 15% – from $ 563 per share to $ 645. Capitalization reached $ 608.5 billion, almost $ 70 billion higher than at the close of exchanges on Monday. The upward trend continues. Musk’s fortune thus rose again by more than $ 12 billion, but he is still more than $ 10 billion behind the richest man globally, Jeff Bezos, founder of Amazon.

Attempts to calculate the level of wealth based on changes in campaign capitalization are very relative. Musk has never sold Tesla shares. The loss of even a third of its capitalization since the beginning of January is insignificant compared to its rapid growth in 2020. The company’s share price rose by more than 700%. Musk is also the major shareholder in space launch company SpaceX.

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Author: Oleg Ceban
Graduated from University of Oxford. Previously, he worked in various diferent news media. Currently, it is a columnist of the world news section in the Free News editors.
Function: Editor
Oleg Ceban

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