Elon Musk's China visit just helped his net worth rise the most since March 2022

This marks Elon Musk's largest weekly gain since March 2022 at a time when he agreed to buy Twitter.

Published on: Apr 30, 2024, 09:03:23 IST

By HT News Desk

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Elon Musk’s net worth is rising and rising fast after it plunged to the lowest level in almost a year. The billionaire- world’s third-richest person- has gained $37.3 billion in net worth in just five days as per Bloomberg Billionaires Index. This marks his largest weekly gain since March 2022 at a time when he agreed to buy Twitter- which he later renamed X- for $44 billion in one of the biggest buyout deals.

Elon Musk net worth: Tesla CEO Elon Musk, one of the world's richest people, arrived in China for a visit on April 28. (AFP)

Not only Tesla, Elon Musk's SpaceX has also gained more than 40% in value between mid-2022 and the end of 2023.

Why is Elon Musk's net worth soaring?

Tesla CEO's net worth rose after shares of the company rallied the most in more than three years as it was reported that the firm received in-principle approval from China to deploy its driver-assistance system in the country. Tesla also announced last week that the electric-vehicle maker will introduce a less-expensive car as soon as this year.

By how much has Elon Musk's net worth increased?

Elon Musk's challenges remain

Read more: Jeff Bezos' shocking remark: 'I’m not as productive as you might think I am'

It was earlier reported that Tesla has asked shareholders to vote again on Elon Musk’s $56 billion compensation package which was voided by a Delware court early this year. If this is rejected, Elon Musk may lose stock options that make up nearly a quarter of his net worth.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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