By
Bena Ilyas
April 23rd, 2024
Having become the fourth-richest person in the world, Musk is remaining behind Facebook’s Mark Zuckerberg ($99 billion), Microsoft’s Bill Gates ($121 billion), and Amazon’s Jeff Bezos ($188 billion).
Tesla Inc (NASDAQ: TSLA) stock saw another historic surge on August 18. It jumped over 8% after the bell rang on Monday, retesting its all-time high of over $1,788. By the end of the trading session, Tesla shares rose 11.20% to close at $1,835.64, which marked a new all-time high for the stock. Such a jump has not only made Wall Street experts update their price targets for Tesla stock but also given an easy win to Elon Musk. After Tesla stock rise, Musk became the world’s fourth-richest person with the estimated fortune of $84.8 billion.
As Bloomberg has reported, Musk’s net worth rose by $7.8 billion on Monday. Having become the fourth-richest person in the world, Musk is remaining behind Facebook’s (NASDAQ: FB) Mark Zuckerberg ($99 billion), Microsoft’s (NASDAQ: MSFT) Bill Gates ($121 billion), and Amazon’s (NASDAQ: AMZN) Jeff Bezos ($188 billion).
In total, this year, Musk’s fortune has already grown by $57.2 billion. Seems like this growth has no signs of any slowing. Some believe that the entrepreneur’s another company SpaceX will further multiply his fortune. Currently, the company is finalizing its $2 billion funding that would increase its equity valuation to $46 billion.
Tesla Stock That Helped Musk to Become Fourth-Richest Person in the World
At the beginning of 2020, the coronavirus pandemic has seriously undermined the activity of most companies. In March, their stocks lowered to touch the bottom levels. Tesla stock suffered as well. However, it managed to recover and now it seems like even in the face of the global crisis, it is arguably one of Wall Street’s most expensive and impressive brands this year.
In July, TSLA stock hit an important milestone of a $300 billion market cap. Besides, the electric vehicle manufacturer delivered an impressive Q2 2020 earnings report, which has led the market cap and the company’s value further.
Some believe that Tesla stock is too expensive and not worth investing in. Others are raising their price targets for the stock and suggest that there is still much room for further growth. For example, yesterday, Wedbush analyst Dan Ives upped his price target for Tesla to $1,900 from $1,800. Earlier, Morgan Stanley upgraded their prediction from $1,050 to $1,360. Deutsche Bank has also raised its price target for Tesla stock to $1,500 from $1,000.
Yesterday, Tesla stock closed at $1,835.64 per share. In the pre-market today, Tesla stock is further 4.21% up, trading at $1,912.99 right now. Tesla’s market cap is $342.09 billion, the stock is as much as 338.80% up year-to-date. If the company is included in the S&P 500 Index, this growth will be even more impressive.