The current second richest individual saw his wealth valuation rising by $25.1 billion over impressive gains seen in Tesla, the world’s most valuable car company.
Investors are currently increasing their buying pressure on Tesla as they weigh reports that the electric vehicle industry is expected to grow into a $5 trillion market over the next decade, thereby giving the world’s most valuable car company room for more upside.
The most recent price action reveals the red hot share price gained almost 20%, nearly wiping out five straight days of selling.
Sales data released by the ChinesePassenger Car Association also helped buoy Tesla’s share price.
Tesla sold 18,318 Model 3s and Model Ys made at its Shanghai vehicle plant in China, according to CPCA data. (Of that, 13,688 were Model 3s.) Those robust sales came despite a Chinese New Year holiday from February 11th to February 17th that disrupted the business ecosystem in the world’s biggest car market.
The 49-year-old self-made billionaire, Elon Musk currently has a wealth valuation of $174 billion.
Elon Musk’s current wealth could easily buy 101 million troy ounces of gold or 2.60 billion barrels of crude oil (about 8% of Africa’s leading oil producer’s oil reserve).
He currently leads the most valuable car company, Tesla, and also owns SpaceX, which counts the US NASA as its leading customer.
Musk owns about 20% of Tesla, according to a February 2020 regulatory filing. Part of his holdings is used as collateral for personal obligations
The car company is currently worth about $646.5 billion after its share price closed at $673.58 owing to a 19.64% surge in its share price.
Though stock market pundits have begun to accept increasing competition for the fast-rising electric car company amid new entrants gaining some clouts, a significant number of investors have seen a recent drop in the stock’s price as a buying opportunity.
For the long term, Stock experts generally anticipate that a Democratic-controlled U.S Government is bullish for Tesla, on the bias that there would be more pro-renewable investments, at least for the next few years.