Elon Musk Takes Back World’s Richest Man Title From Jeff Bezos After Gaining Almost $10 Billion In A Day

By Edna Wande On Feb 25, 2021

Tech billionaire, Elon Musk has toppled over Amazon CEO, Jeff Bezos to become world’s richest man after a single-day gain of $9.81 billion on Wednesday, February 24.

It would be recalled that Musk reigned in the position for about 6 week before Jeff Bezos took over from him last Tuesday after 49-year-old Musk lost about $4.5 billion after Tesla’s shares fell 2.4%, leaving him with a fortune of $190 billion.

This week, Musk’s electronic car company, Tesla surged back to $190 billion, after its shares recorded impressive gains of 6.18%, Nairametrics reports.

The new development thereby puts the market value of Tesla at $712 billion coupled with Musk’s space transportation company, SpaceX completing another funding round, pushing the techpreneur atop Bloomberg Billionaires Index for the third time in 2021.

The gains pushed Musk past Amazon founder, Jeff Bezos, who is now worth $185 billion.

Tesla Inc stocks were on a record buying spree at Wednesday’s trading session, indicating that global investors are buying the dip following a four-day plunge that erased the world’s most valuable car company year-to-date gains.

Recent reports say SpaceX raised $850 million this month from a group of leading institutional investors led by Sequoia Capital.

Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.