Elon Musk’s Riches Surged, Hit Record Highs

Elon Musk's Riches Surged, Hit Record Highs

(ReliableNews.org) – Most of the world’s population suffered economic hardship in the wake of oppressive COVID-19 quarantines and restrictions. At the same time, many billionaires thrived during the pandemic, picking up unimaginably large financial rewards as they adapted their business models to the new global economy. Elon Musk, SpaceX head and Product Architect for Tesla, appears to have led the pack, raking in billions of dollars.

Financial giant Bloomberg reported Musk’s fortune increased by a stunning $36 billion due to a record-high close on Tesla stock on Monday, October 25. According to Bloomberg, that figure constitutes the largest one-day jump in the history of its wealthy list tracking.

As a result, Musk’s net worth reached $289 billion, making him the world’s wealthiest individual. He holds a comfortable lead over business rival and Amazon head Jeff Bezos, who holds assets of around $193 billion. Facebook head Mark Zuckerberg and Microsoft co-founder Bill Gates have a combined net worth of $257 billion.

MarketWatch reported, “Tesla’s valuation surged past $1 trillion” after the Hertz Corporation announced its decision to purchase 100,000 Teslas to add to its fleet of rental cars. Tesla stock closed at $1,024.86 on Monday after a wave of sales shortly after the Hertz announcement.

Putting this into context, Musk’s single-day gain rivals the gross domestic product of some countries, and it exceeds the 10-year spending estimates for expanded child nutrition programs under the Democrats’ proposed multi-trillion-dollar reconciliation bill.

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