Elon Musk Got $11.5 Billion Richer This Week
Tesla CEO Elon Musk has become $11.5 billion richer this week after tech stocks skyrocketed.
The top ten gainers were able to add a combined $74 billion to their net worths over the course of a strong week for the tech industry, with Musk coming out on top.
Tesla shares soared by 7.4% after Piper Sandler analyst Alexander Potter gave the company a $1,200 price target in anticipation of strong growth. Tesla also outperformed strong showings by the S&P 500 and Dow Jones Industrial Average, rising by a respective 4.6% and 3.9%.
This is according to a report by Forbes, which also reported an increase in wealth for other giants of the tech industry.
Google founders Sergey Brin and Larry Page gained a respective $10.4 billion and $10 billion, following a strong week for Google’s parent company, Alphabet.
Alphabet’s stock rose by more than 14% after falling 3.4% the week before. The strong earnings reported this week were reportedly boosted by a comeback in its digital advertising business, which had struggled over the course of the ongoing coronavirus pandemic.
Amazon has also seen gains this week, rising by 4.6% following last week’s 2.7% loss. Founder Jeff Bezos was able to add $7.7 billion to his total net worth, following his recent announcement that he would be stepping down from his CEO position later on this year.
As per Forbes’ real-time billionaires list, Musk is currently the second richest person on the planet, with a net worth of $184.3 billion, exceeded only by Bezos’s $194.7 billion.
Earlier this year, Musk briefly overtook Bezos as the richest person on Earth, with the stock value of Tesla increasing by 4% on January 7.
Musk has risen rapidly to the top of the billionaires list in recent months. At the start of 2020, he was barely in the top 50 richest people in the world, with a net worth of $27 billion. However, everything changed when Tesla went public, leading the value of the company to skyrocket.
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