1 min read.Updated: 10 Mar 2021, 10:10 AM ISTStaff Writer( with inputs from Agencies )
Tesla Inc.’s 20% jump on Tuesday, its biggest in more than a year
The rally pushed Elon Musk's fortune to $174 billion
Elon Musk just hit a new milestone: He made a record $25 billion in one day. Tesla Inc.’s 20% jump on Tuesday -- its biggest in more than a year -- pushed the billionaire founder’s fortune to $174 billion, closing the gap with Jeff Bezos, the world’s richest person, according to the Bloomberg Billionaires Index. Overnight, Nasdaq surged 3.7%, led by gains in Big Tech companies such as Apple, Amazon and Facebook.
The surge in Bezos’s Amazon.com Inc shares helped him gain $6 billion, taking his net worth to $180 billion. In January, Elon Musk unseated Bezos as the world’s richest person. Musk’s fortune peaked later that month at $210 billion, according to the index, a ranking of the world’s 500 wealthiest people. Consistent quarterly profits, the election of President Joe Biden with his embrace of clean technologies and enthusiasm from retail investors fueled the rise in Tesla shares.
Shares of electric vehicle maker Tesla Inc surged nearly 20% on Tuesday, rebounding from a deep selloff with its largest daily gain in a year after data showed an increase in China sales and an analyst raised his rating on the stock. On Tuesday, New Street Research analyst Pierre Ferragu upgraded Tesla to buy from the equivalent of a hold, saying the company has two years of earnings momentum ahead and its demand outlook is stronger than supply could ever be.
New Street Research analyst Pierre Ferragu raised his Tesla rating to "buy" from "neutral," and upped his target price to $900 from $578.
Tesla's stock ended at $673.58 after its strongest daily rise since February 2020. The stock remains down more than 20% from its January record high.
Tesla sold 18,318 China-made vehicles in February, up from 15,484 in January, Chinese auto industry body CPCA said.
Musk and Bezos have been battling for the top spot on the Bloomberg wealth index since the Tesla founder took over in January, the month his fortune hit $210 billion. Since then, Bezos regained the title of world’s richest as shares of the electric-car maker sank as much as 36%. Now the two tycoons are less than $6 billion apart. (With Agency Inputs)