Musk’s fortune soars by most since before Twitter purchase

Science & Tech 09:40 30.04.2024

Elon Musk’s net worth is soaring after it plunged to the lowest level in almost a year.

Ednews informs via Bloomberg that in the past five days, the world’s third-richest person has gained $37.3 billion in net worth, according to the Bloomberg Billionaires Index. That’s his largest weekly gain since March 2022, just before he agreed to buy Twitter Inc. for $44 billion in one of the biggest leveraged buyout deals in history. Since then, his fortune has tumbled just as often as it has increased after a breathtaking ascent in 2020 and 2021.

Tesla Inc. shares rallied the most in more than three years Monday following reports that it received in-principle approval from Chinese officials to deploy its driver-assistance system in the world’s biggest auto market. That followed news last week that the electric vehicle maker plans to introduce a less-expensive car as soon as this year, which eased concerns about disappointing earnings.

Musk added $18.5 billion to his fortune on Monday alone, the 13th-largest market-driven daily gain for any billionaire on Bloomberg’s wealth index and Musk’s seventh-biggest. With a net worth of $201.5 billion, he’s close to overtaking second-place Jeff Bezos, after he surpassed Mark Zuckerberg last week.

Musk, 52, derives his wealth primarily from his stake in Tesla, as well as his holdings in Space Exploration Technologies Corp. and X, formerly known as Twitter.

Prior to the recent rally, Tesla spent much of the year as the worst-performing stock on the S&P 500 Index amid price cuts and a surprise drop in vehicle deliveries. The value of X, meanwhile, has slumped about 73% since Musk bought it two years ago, according to a March valuation from the Fidelity Blue Chip Growth Fund, which invested alongside him.

One bright spot for Musk’s wealth has been SpaceX, which gained more than 40% in value between mid-2022 and the end of 2023.

 

IEPF issued a statement regarding Azerbaijani children at the UN Human Rights Council

News line

Russia accuses Ukrainian military chief of ordering downing of war prisoner plane
22:10 05.07.2025
Türkiye supports firefighting operations in Syria’s Latakia
22:00 05.07.2025
UNRWA calls for immediate fuel delivery to Israel-blockaded Gaza before shutdown of basic services
21:45 05.07.2025
Pashinyan: Armenia needs new constitution
21:20 05.07.2025
UN chief condemns Russia's recent 'series of large-scale' attacks on Ukraine
21:00 05.07.2025
Kazakh servicemen arrive in Azerbaijan to participate in Tarlan - 2025 exercise
20:45 05.07.2025
Erdogan: US has crucial role in achieving ceasefire in Gaza
20:20 05.07.2025
Building collapse in Pakistan kills 15
19:45 05.07.2025
Turkish FM Fidan to attend 17th BRICS Leaders Summit in Rio de Janeiro
19:30 05.07.2025
Australia pledges $283M for green energy project by explosives maker
19:10 05.07.2025
OPEC+ speeds up oil output hikes, adds 548,000 bpd in August
18:45 05.07.2025
Inter completes signing of Ange-Yoan Bonny from Parma
18:20 05.07.2025
Turkish president sees Zangazur corridor 'as part of the geoeconomic revolution'
18:00 05.07.2025
Turkish president urges Azerbaijan, Russia to show restrain amid tension
17:45 05.07.2025
China says war 'not a solution' to Iranian nuclear issue
17:15 05.07.2025
At least 18 people injured after fire alert on Ryanair plane in Majorca as passengers abandon jet & leap from wing
17:00 05.07.2025
Azerbaijani PM meets with UNESCAP executive secretary
16:45 05.07.2025
Lebanese president affirms coordination with Syria, warns against sectarian tensions
16:15 05.07.2025
21 killed in Israeli strikes on tents, school-turned-shelters in Gaza Strip
16:00 05.07.2025
Turkish construction sector takes on international projects worth $6.2B in first half of 2025
15:45 05.07.2025
Azerbaijani woman wrestler becomes European champion
15:30 05.07.2025
Mayor: Death toll in Russian attacks on Kyiv reached two
15:15 05.07.2025
Texas floods kill 24 people and leave many missing from girls' summer camp
14:45 05.07.2025
Conor McGregor has interest in White House fight after Trump's UFC idea
14:30 05.07.2025
Netanyahu era sees 40% surge in Israeli settlements in occupied West Bank
14:15 05.07.2025
Equatorial Guinea sues France in UN court to block sale of Paris mansion
14:00 05.07.2025
US president 'disappointed' over phone call with Putin
13:45 05.07.2025
Academy of Azerbaijan`s State Security Service hosts graduation ceremony
13:30 05.07.2025
Azerbaijan and Pakistan ink memo in Khankendi
13:15 05.07.2025
Trump says there could be Gaza deal next week
13:00 05.07.2025
First flight from Türkiye to Syria launched
12:45 05.07.2025
US marks its 249th anniversary of independence
12:30 05.07.2025
Azerbaijan's role in regional integration discussed at London conference
12:00 05.07.2025
Uzbek Minister: Mirziyoyev's visit to Azerbaijan crucial for dev’t of transport links
11:45 05.07.2025
Trump says US will start talks with China on TikTok deal this week
11:30 05.07.2025
Prime Minister of Pakistan Muhammad Shehbaz Sharif concludes visit to Azerbaijan
11:15 05.07.2025
Pakistani premier proposes low-emissions corridor at Economic Cooperation Organization summit
11:00 05.07.2025
Rwanda pledges to deliver on its part of US-brokered peace deal with DR Congo
10:45 05.07.2025
Hezbollah rejects calls to disarm before end of Israeli ‘aggression’ against Lebanon
10:30 05.07.2025
Trump says Gaza ceasefire deal may come next week after ‘positive’ Hamas response
10:15 05.07.2025
Hamısı