Elon Musk added $ 4.4 billion to his fortune, with Tesla, his electric car company, up 9%
Tesla shares are back on the rise, which is the largest source of Musk wealth. The rise in the share price pushed his fortune to 6.62% to reach $ 70.5 billion. This makes him the eighth richest person in the world, surpassing two spots in a single day.
This recovery comes after Tesla’s share price fell from $ 1643 last Monday to $ 1,417 on Friday, causing his wealth to drop 13% last week, while a number of other investors have said the manufacturer’s share price is overrated.
His fortune decreased on July 24, by $ 3.34 billion.
Some investors believed that Friday's decline created a good buying opportunity, which helped boost the stock's recovery on Monday.
The collective performance of the Nasdaq, which witnessed a rise of 1.7%, also helped to raise the share price of Tesla.
There is also speculation that Musk will build new, improved batteries at the company's plant in Berlin, based on new technology.
Musk owns 21% of Tesla, but he has pledged more than half of his equity loan guarantee. Forbes lowered its stake to take loans into account.
SpaceX, the other big Mask asset, is now valued at $ 36 billion. The market value of Tesla is now $ 285 billion.
Musk grew up in South Africa, then immigrated to Canada at the age of seventeen. It ended in the United States as a student transferred to the University of Pennsylvania.