Tech billionaire Elon Musk has once again dethroned Amazon founder Jeff Bezos to become the world’s second richest man after stocks surge, Quartz reported.
Musk’s wealth now stands at $205.6 billion after a $14.5 billion stocks increase. Jeff Bezos wealth has boosted to $198.9 billion after a $1.3 billion increase.
In March, Bezos sold up to 50 million Amazon shares worth $8.4 billion, which pushed him ahead of Musk and made him the second richest man in the world. However, he is now back in the third position.
Both businessmen are still behind Bernard Arnault, the chairman of the luxury goods conglomerate LVMH. As per Forbes, Arnault and his family are now worth $210.1 billion after a $3.4 billion decrease.
The Space X founder is only $5 billion short of becoming the richest man on earth.
Most of Musk’s wealth comes from his shares in Tesla. He owns 20.5% of Tesla shares, in addition to six other companies such as Space X, X, Neuralink and xAI.
Tesla’s stock surged after Musk’s highly successful trip to China, where he met with Premier Li Qiang.
The 52-year-old Space X founder’s surprise visit has turned out successful as key regulatory hurdles that hindered its self-driving software have been cleared.
As per reports, Tesla has also signed a contract with Chinese internet company Baidu to use its mapping license for data collection on Chinese roads.
Central Power Purchasing Agency had initially requested reduction of 71 paisa per unit for September, based on its data
Aurangzeb outlines agenda, covering economic challenges, fiscal policies, and necessary reforms to stimulate growth
Online fast-fashion platforms trade allegations of copyright infringement in competing lawsuits
Sabzwari takes over from his predecessor, Farrukh H Khan, who resigned in July to "pursue other opportunities"
MPC says current policy regime to support macroeconomic stability, help achieve growth on sustainable basis
KSE-100 index gains 1, 078.15 to close at 91,938 points after hitting an intraday high of 92,159 points