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Elon Musk $13 Billion Richer In One Week As Tesla Stock Rises Ahead Of Battery Day

by : Lucy Connolly on : 19 Sep 2020 13:32
Elon Musk $13 Billion Richer In One Week As Tesla Stock Rises Ahead Of Battery DayElon Musk $13 Billion Richer In One Week As Tesla Stock Rises Ahead Of Battery DayPA Images

Over the past few months, you might have considered yourself lucky if you managed to save an extra tenner or so a week on travel costs as you worked from home and went out less. I know I did, anyway.

For the world’s richest, though, an extra tenner is nothing – especially considering Elon Musk just became $13 billion richer in the space of a week thanks to Tesla’s stock rising by 19%. Really puts your tenner into perspective, doesn’t it?

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The Tesla CEO made his billions between September 11 and September 18, ahead of a September 22 event called ‘Battery Day’, in which Musk is expected to announce the company’s newest innovations.

Elon MuskElon MuskPA Images

Ahead of the highly-anticipated event, investors once again drove up the share price of the electric car company, with Tesla’s stock continuing to climb yesterday, September 18, ending the day up more than 4%.

It comes after Musk tweeted that ‘many exciting things’ will be announced at the Battery Day event last Friday, September 11, leading analysts to speculate as to what these things could be.

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Adam Jonas, head of Morgan Stanley’s auto and space research, suggested that revelations like a ‘million-mile’ battery or a big jump in battery production capability could be ‘narrative changing’ for the company, as per Forbes.

Meanwhile, Daniel Ives, a Wall Street Analyst at Wedbush who specialises in the technology sector, said Tesla could become more profitable if it announces a plan to bring its cost of production below a threshold of $100 per kilowatt-hour.

The news will likely be a relief for Musk, who last week lost a record $16.3 billion in a single day after Tesla’s shares plummeted by 21% – the biggest single-day drop in the existence of Bloomberg‘s Billionaire’s Index.

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In just one day, $100 billion fell from Tesla’s market value – its biggest ever decrease – when the company was unexpectedly passed over for inclusion in the S&P 500 index. This drop took the 49-year-old’s net worth to $82.2 billion, stripping him of his centibillionaire status.

Unfortunately for Musk, even his most recent surge in wealth hasn’t made him a centibillionaire again – although with a net worth of $92.4 billion, I don’t think he’s doing too badly is he?

Elon MuskElon MuskPA Images

The Tesla CEO isn’t the only billionaire getting richer, though; as the pandemic continues to have a devastating impact on the world’s economy, those on the globe’s rich list have seen their fortunes skyrocket.

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In fact, between March 18 and September 15, the nation’s richest people have raked in $845 billion – marking a total growth of 29% across all of their assets.

Not to worry though because we’ve still got that spare tenner, remember?

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Lucy Connolly

A Broadcast Journalism Masters graduate who went on to achieve an NCTJ level 3 Diploma in Journalism, Lucy has done stints at ITV, BBC Inside Out and Key 103. While working as a journalist for UNILAD, Lucy has reported on breaking news stories while also writing features about mental health, cervical screening awareness, and Little Mix (who she is unapologetically obsessed with).

Topics: News, Billionaires, Elon Musk, Now, Technology, Tesla, Wealth

Credits

Forbes and 2 others
  1. Forbes

    Elon Musk $13 Billion Richer In One Week As Tesla Stock Rises Ahead Of ‘Battery Day’

  2. Elon Musk/Twitter

    @elonmusk

  3. Bloomberg

    Bloomberg Billionaires Index