Strap yourself in Tesla stockholders, because CEO Elon Musk’s guided roller-coaster ride shows no sign of leveling out.
Musk, after taking some hits recently, on Tuesday hit a milestone of $25 billion earned in one day.
With the 20% jump in Musk’s electric-vehicle-making company – Tesla’s biggest leap in more than a year – Musk’s worth ballooned to $174 billion.
The obvious question for those watching the richest-person reality show: How close is Musk to Jeff Bezos?
The NASDAQ rally on Tuesday boosted the spirits of tech giants who saw the exchange’s Top 100 index down 11% over a three-week period recently.
According to the Bloomberg Billionaires Index, and the idea “a rising tide lifts all boats,” Musk is within a measly $6 billion of Bezos.
The top 10 largest wealth gainers, all from the tech industry, added $54 billion combined on Tuesday.
Musk, whose number hit $210 billion in January, was along for the ride as Tesla shares fell 36%.
But Tuesday brought the company some good news when New Street Research analyst Pierre Ferragu, upgraded the stock and classified it as a “buy.”
Given Musk’s recent $1.5 billion investment in bitcoin, the surge in price for the cryptocurrency also served to boost Tesla’s fortunes.
Tesla’s shares, below $600 early Tuesday, had hit $702 early Wednesday. The stock, still down more than 20% from its January record high, was trading at $664 nearing 2 p.m. ET Wednesday.
Business remains brisk, and Tesla’s future looks bright.
Tesla sold 18,318 China-made vehicles in February, up from 15,484 in January, Chinese auto industry body CPCA said.
Consistent profits, President Joe Biden’s presence on the world stage (green and clean technologies and all that) and the continued rabid following from retail investors are real elements feeding the optimism.