Musk recently set a new standard by raising $25 billion in a single day. As per the Bloomberg Billionaires Index, Tesla Inc.’s 20 percent gain on Tuesday, the largest in more than a year, increased the billionaire founder’s wealth to $174 billion, narrowing the gap with Jeff Bezos, the world’s richest individual. Nasdaq rose 3.7 percent overnight, boosted by advances in Big Tech firms like Apple, Amazon, and Facebook. Bezos’ personal wealth increased to $180 billion thanks to a $6 billion rise in Amazon.com Inc stock. Elon Musk dethroned Jeff Bezos as the world’s richest man in January. According to the survey, which ranks the globe’s 500 richest individuals, Musk’s fortune peaked at $210 billion later that month. Tesla stock has risen thanks to steady quarterly earnings, President Joe Biden’s acceptance of sustainable technology, and interest from institutional investors. Tesla Inc.’s stock jumped nearly 20% on Tuesday, rebounding from a deep selloff with its biggest daily rise in a year after sales in China rose and an analyst lifted his rating on the stock. Tesla was upgraded to a buy from hold on Tuesday by New Street Research analyst Pierre Ferragu, who said the firm has two years of earnings growth ahead of it and that demand is higher than supply will ever be. Pierre Ferragu, a New Street Research analyst upgraded Tesla from “neutral” to “buy” and boosted his target price to $900 from $578. Tesla’s shares finished the day at $673.58, the highest recorded increase since February 2020. The market is now down more than 20% from its all-time peak in January. According to the Chinese car industry body CPCA, Tesla sold 18,318 China-made vehicles in February, up from 15,484 in January. Although the Tesla owner took over in January, when his fortune crowned $210 billion, Musk and Bezos have been competing for the top slot on the Bloomberg asset index. But since, Bezos has reclaimed the status of the richest in the world when the electric-car manufacturer’s market value has plummeted as much as 36%. The two barons are somewhat less than $6 billion apart.
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