The net worth of US billionaire Elon Musk jumped to 216 billion dollars at the end of trading on Monday, the beginning of the week’s sessions, with Tesla’s share recording sudden and unexpected gains, after continuing its decline for the last nearly two weeks, losing 17% due to growing concerns about the pricing of electric cars, and the economic problems in China, the largest market for cars. Electricity, which weighed on investor sentiment.
And Tesla, whose shares rose by the end of yesterday’s trading by 7.33%, amounting to $ 231.28, affected its share in Elon Musk’s wealth, which supported its increase by about $ 11.3 billion.
One of the reasons for the significant rebound in the stock is the issuance of reports confirming that Tesla’s operational future during the second half of this year carries some new incentives, foremost of which is the launch of new versions of its cars, amid intensifying work to complete its plan, in addition to adopting a full self-driving program on a large scale so that automakers have Other OEMs.
Among those incentives is also the expansion into new markets, and the potential strong entry into the world of artificial intelligence. On the other hand, these incentives will reduce the effects of the company's recent price cuts due to the intensification of competition in the electric car market. China is the largest for new cars and new electric vehicles, according to a research note issued yesterday by the investment company Bird.
The rise of Tesla's stock yesterday came after the exacerbation of its losses and the increase in its downward path, to record a decline of about 17% during the last two weeks, especially after reducing the prices of new units of electric cars amid intense competition, which prompted it to announce business results below expectations in the first quarter of this year.
At the end of Monday's dealings as well, and at the level of the wealthy list, French billionaire Bernard Arnault came second, with a net worth that rose by about $2.61 billion to reach $184 billion.
And third came the American Jeff Bezos, founder of the e-commerce giant Amazon, with a fortune that rose to approximately $159 billion, with his desire to buy shares of his company.
Larry Ellison, the founder and CEO of Oracle, one of the giant companies in the software industry, came in fourth place, after his wealth rose to an estimated value of $ 129 billion.
The wealth of American Bill Gates, founder of Microsoft, rose by about $ 173 million, to reach $ 126 billion at the end of trading on Monday.
Those gains in the fortunes of the list of the world's richest people came with the rise in stock markets, especially the American ones, which rose by the end of yesterday's trading by more than 0.1%.
These rises came amid expectations of a slowdown in monetary tightening by the US Federal Reserve.
