Elon Musk just hit a new milestone: He made a record $25 billion in one day. Tesla Inc.’s 20% jump on Tuesday — its biggest in more than a year — pushed the billionaire founder’s fortune to $174 billion, closing the gap with Jeff Bezos, the world’s richest person, according to the Bloomberg Billionaires Index. Overnight, Nasdaq surged 3.7%, led by gains in Big Tech companies such as Apple, Amazon and Facebook.
The jump added over $100 billion to Tesla’s market capitalisation — the biggest daily rise in a year. Refinitiv data showed that Tesla stocks worth nearly $43 billion exchanged hands — more than any other stock.
Musk and Bezos have been battling for the top spot on the Bloomberg wealth index since the Tesla founder took over in January, the month his fortune hit $210 billion. Since then, Bezos regained the title of world’s richest as shares of the electric-car maker sank as much as 36%. Now the two tycoons are less than $6 billion apart.
On Tuesday, Tesla also benefited from an upgrade by New Street Research analyst Pierre Ferragu, who recommended buying the stock, and a rally in Bitcoin.