Elon Musk is now the fourth richest person in the world after winning $ 8 billion in one day

Elon Musk is now the fourth richest person in the world, after reaching $ 8 billion in net worth in one day, when Tesla’s shares skyrocketed.

Musk rose from fifth place to beat Bernard Arnault, a French billionaire and CEO of the luxury brand Louis Vuitton.

Shares of Tesla jumped 11 percent on Monday, and Musk’s net profit rose to $ 84.8 billion, making him the fourth richest person in the world, according to the Bloomberg Billionaires Index.

Tesla’s CEO is now behind Facebook CEO Mark Zuckerberg, who has a net worth of $ 99 billion.

Elon Musk is now the fourth richest person in the world, after one day raising $ 8 million to its net worth, as Tesla’s shares jumped sharply.

Tesla shares rose again on Tuesday, by 2.8 percent, and the year to date the share has risen a surprising 339 percent.

Last week, Wall Street analysts praised Tesla’s move to split its richly valued stock into smaller shares, saying it had the potential this year to extend a rally in its shares by making it easier for retail investors to buy the stock. hold.

Shares in the electric carmaker rose more than 6% in early trading. The stock, which traded at $ 1,467 for the clock on Wednesday, is one of the highest prices on Wall Street.

The split-for-one split – Tesla’s first – comes at a time when analysts and investors are worried about the high valuation of the stock in the market, despite concerns about cash burn.

“The move makes sense for Tesla because it makes its shares cheaper and more accessible to young first-time retailers using platforms like Robinhood,” said Jesse Cohen, senior analyst at Investing.com.

‘While stock cards are typically non-events for investors, the reaction seen in Tesla’s share after the announcement underscores the growing demand from Robinhood retailers to respond to fast-growing technams.’

A five-day view of Tesla’s share price shows the stock continues to rise

Tesla’s move follows a split-by-one split announced by Apple Inc. in late July, the iPhone maker’s first stock split of 2014.

‘We believe that institutional investors turned the corner in a positive direction because Musk & Co. not only did the interview speak for itself, but the walkthrough ran its Model 3 sales and profitability track over the last year despite COVID, ‘said Wedbush analyst Dan Ives.

The world’s most valuable automaker posted stellar quarterly results last month, setting it to be included in the S&P 500 index.

Twelve of 33 analysts who treated the stock rated it as ‘sell’ or lower, and just eight rated it as ‘buy’ or higher. The median price target for the stock is $ 1,300, up from $ 615 in May.