Joy Ride: Elon Musk is the fifth richest person in the world thanks to the Tesla rally.
Tesla shares rose 11.2% on Monday, bringing Elon Musk’s net worth by $ 7 billion to $ 83.6 billion. The full share gain makes the 49-year-old entrepreneur the fifth-richest person in the world, by pushing Musk ahead of Indian oil and gas micoon Mukesh Ambani and investing luminaire Warren Buffett.
Not that he keeps track. The eccentric billionaire says he is indifferent to his status on our rich list. “I really couldn’t care less,” Musk emailed Forbes about its net profit in July. “These numbers are going up and down, but what really matters is making great products that people love.”
Musk only rose to fifth place in July, when his net profit exceeded $ 74 billion, but was soon overtaken by Ambani. Now, Tesla shares have risen nearly 32% in the past five days. With the stock on a tear, Musk’s fortune has more than tripped since mid-March, when he finished 31st Forbes’ List of world billionaires. He owns 21% of Tesla, but has allocated more than half of his property as collateral for loans; Forbes of applying a discount on its shares due to the loans.
The stock jumped on Monday after an analyst raised its 12-month price target to $ 1,900; Tesla’s share price is currently $ 1,835.64. Wedbush analyst Dan Ives believes that Tesla, which opened a new factory in Shanghai at the end of 2019, is well positioned to take advantage of the growing Chinese demand for electric cars. Ives also predicted that Musk will release “game-changing” news at the upcoming Battery Day on September 22nd.
Tesla is the most valuable automaker in the world, with a market capitalization of $ 342 billion despite producing substantially fewer cars than competitors such as Ford and Toyota. An action split for five for one will take effect after the market closes on August 28th.
