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World’s 2nd richest person, Elon Musk earns $4 billion in a day, as Tesla posts impressive earnings

Olumide Adesina by Olumide Adesina
July 27, 2021
in Business News
Survey unveils Elon Musk as the most inspirational leader in tech , FG begs Elon Musk’s Tesla for ventilators over rising coronavirus cases in Nigeria, Why And How Elon Musk Lost $8bn This Week 

Elon Musk

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The world’s second-richest man, Elon Musk saw his daily wealth earnings surge by $3.75 billion over Tesla’s decent showing in its Q2 result, released on Monday night. The 50-year-old billionaire now has a net worth of $180 billion with its year-to-date gains standing at $10.6 billion according to data retrieved from the Bloomberg Billionaires Index.

The world’s most valuable carmaker posted an impressive Q2 earnings result after Monday’s trading session, beating both its top and bottom lines. Shares rallied by 2.21%.

READ: Elon Musk’s wealth jumps in 2021, more than top 5 billionaires combined

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The South African-born tech businessman is $32 billion short of being the world’s richest man, as Jeff Bezos with a wealth valuation of $212 billion holds that title.

Musk’s current net worth can buy 101 million troy ounces of gold or 2.40 billion barrels of crude oil.

The $633.5 billion valued company posted $1.14 billion in (GAAP) net income in Q2, the first time its earnings surpassed $1 billion. In the same corresponding period for 2020, Tesla’s net income stood at $104 million.

READ: Elon Musk loses an estimated $6bn after a Tesla car accident killed two people

The company also revealed it didn’t buy or sell its Bitcoin stash as the Elon Musk-led company currently holds about $1.3 billion in Bitcoin.

However, a $23 million impairment related to the value of its Bitcoin stash was disclosed as an operating expense.

READ: Elon Musk’s Tweets: Should one man have all that power?

The electric car maker also posted deliveries of 201,250 electric vehicles. The production of 206,421 vehicles in its second quarter highlighted the growing demand for the high-performance version of its flagship sedan, the Model S Plaid.

Elon Musk’s wealth valuation in the past few years has enjoyed significant upsides as global investors pile into shares of the Palo Alto, California-based company known for selling sports utility vehicles and electric-powered sedans, on some positivity that it will likely benefit from the world’s largest economy’s push towards electric vehicle adoption.


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Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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