Musk’s fortune climbs $30 billion in one day from Tesla’s record quarter – World Affairs SRS

Musk’s fortune climbs $30 billion in one day from Tesla’s record quarter

– World Affairs SRS

Elon Musk started 2022 with a bang.

Tesla reported that it broke its previous record for vehicle deliveries, fueling a rally in shares of the electric carmaker and posting the biggest one-day jump in wealth.

Musk’s wealth rose by $33.8 billion on Monday to $304.2 billion, according to the Bloomberg Billionaires Index. Jeff Bezos is second on the list with a net worth of $196 billion.

Tesla shares rose 13.5 percent to $1,199.78 on Monday after fourth-quarter results exceeded analysts’ estimates for auto deliveries.

The company’s market valuation reached above $1 trillion after a fall in November and early December.

Musk, who owns about 18 percent of Tesla, helped trigger the slide when he said he would reduce his stake in the company by 10 percent. They have sold more than $10 billion worth of shares since November, part of a plan to generate cash to pay tax obligations.

Musk’s net worth, which includes his stake in rocket maker SpaceX, soared to an all-time high of $340 billion last year, surpassing the peak inflation-adjusted net worth of John D. Rockefeller and briefly making him one of modern history. became the richest man.

Firm under fire for new showroom in China’s Xinjiang region
Tesla’s announcement that it has opened a showroom in Xinjiang has attracted criticism from US rights and trade groups, making it the latest foreign firm embroiled in tensions related to the far-western Chinese region.
Xinjiang has become a hotbed of conflict between Western governments and China in recent years, as UN experts and rights groups estimate that more than one million people, mainly Uighurs and members of other Muslim minorities, live there. detained in the camps.
The American electric carmaker on its official Weibo account announced the opening of a showroom in Xinjiang’s regional capital Urumqi. “We meet in Xinjiang on the last day of 2021,” it said. (Reuters)

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