Elon Musk gains nearly $6 billion in a day

The Chief Executive Officer (CEO) of Tesla, Inc. Elon Musk gained around $6 billion in a single day due to the increased value of his e-vehicle and clean energy company.

As per the Bloomberg Billionaires Index, Tesla’s CEO has $186 billion of fortune largely because of his equities in Tesla, Inc. At the same time, Musk is narrowing the wealth gap with the wealthiest person in the world, Jeff Bezos. The founder of Amazon’s net worth consists of $199 billion.

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On June 24, the electric vehicle company’s shares increased by as much as 6.3 percent to $697.62 and closed up 3.5 percent at $679.82.  Tesla’s stock has jumped to around 10 percent in three sessions, leaving them poised to eliminate the losses that piled up in the year 2021 since investors moved out of growth stocks along with the sentiment shifted against the clean energy company.

The founder, CTO and CEO of SpaceX, Elon Musk’s tweet about giving long-term shareholders of Tesla preference in any future Initial Public Offering (IPO) of the Starlink unit of SpaceX has possibly contributed to the strength visible on the stock on Thursday.

The most recent surge reversed almost two months of lack-lustre trading, wherein investors soured on the e-vehicle company amidst increasing competition threats from additional automakers, signs of China’s potential sales slowdown as well as an ongoing semiconductor shortage.