Elon Musk’s wealth soars by 22,000 crore as Tesla reports 87% rise in 2021 deliveries

SpaceX and Tesla CEO Elon Musk, a one time world's richest person whose net worth crossed $185bn (£136bn) in the year 2021, has recently recorded one of the biggest one-day jumps in his wealth as the year 2022 kick starts. According to reports, Tesla Inc has hoarded massive income after smashing the company’s previous records of its EV vehicle deliveries and the electric car maker's shares on Monday soared “to the moon.” Musk’s own wealth spiked from US$33.8 billion to a whopping US$304.2 billion as of Jan 3, according to the Bloomberg Billionaires Index. Musk, once again surpassed Amazon CEO Jeff Bezos, who now stands second on the list with a US$196 billion fortune. 

Tesla's shares rise by 13.5% to US$1,199.78 after firm reports 87% rise in sales

On Monday, Tesla’s shares rose from 13.5% to US$1,199.78 in the company’s fourth-quarter results. Analysts say that the sales for the Tesla electric cars far more exceeded the estimates for auto-deliveries made by the company’s internal experts. This is a promising development for Musk’s electric car company whose share prices dipped in November and December as the year rounded up, but the market valuation of Tesla Inc. jumped back above US$1 trillion earlier yesterday. This could be attributed to Tesla CEO Elon Musk who holds about 18% of Tesla’s shares and reduced his stakes by 10% last year. Musk sold more than US$10 billion worth of shares in the company to what he alleged: “pay his taxes”. 

Last year similarly, Musk had earned a profit of an estimated $25 billion in one single day. As Tesla’s share rose by 20% Musk’s fortune multiplied to $174 billion. Musk had also reportedly benefited from a sudden rally in the value of bitcoins and the gain pushed his fortunes closer to that of Bezos. Musk also became the world’s richest percent after he gained $210 billion last year taking the top spot from Amazon founder Jeff Bezos, who held the position since 2017. At the time,Tesla hit a market value of $700bn (£516bn) for the first time. 

Musk was also named as ‘Person of The Year 2021’ by Time Magazine as 2021 came to an end. The billionaire took over the title from US President Joe Biden and Vice President Kamala Harris, both of whom made it on the cover of the prestigious magazine earlier title last year. In the official announcement, Time revealed that the one time world's richest man currently does not own a house, and has instead been selling off his fortune, referring to Musk's Tesla stocks holdings.