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- Elon Musk's net worth jumped by $21 billion Monday as Tesla stock soared 11% during the technology rally.
- Overall, Monday's rebound helped the top 10 richest people add more than $44 billion to their fortunes.
- Despite the rally, Musk's net worth has fallen close to 30% since its November peak, as investors have sold tech.
Elon Musk's net worth shot up by $21.4 billion Monday as Tesla stock soared 11% during a major rally for technology companies.
The Tesla CEO's wealth ballooned in 2020 and 2021 as shares in his company skyrocketed. But it has fallen by close to $30 billion so far in 2022 as the electric-vehicle maker has been caught up in a major tech sell-off.
However, stocks in tech companies rebounded Monday, and Tesla jumped 10.68% to $936.72 after Credit Suisse published a bullish analyst note on the automaker.
Monday's rally pushed up Musk's net worth by $21.4 billion to $242 billion, Bloomberg data shows. The tech-heavy Nasdaq 100 index jumped 3.29%. Overall, it helped the top 10 richest people add more than $44 billion to their fortunes.
Musk is by far the world's richest person, according to Bloomberg's Billionaires Index. Amazon founder Jeff Bezos is second with $175 billion, while Louis Vuitton magnate Bernard Arnault is third with $167 billion.
Yet Musk's net worth has declined dramatically since Tesla stock peaked at above $1,200 in November. It has fallen around 29% from a high of $340 billion.
Musk's wealth derives predominantly from his ownership of 18% of Tesla, the world's most valuable car company. He holds $3.9 billion in cash, according to Bloomberg analysis, having sold billions of dollars of Tesla stock in high-profile moves at the end of last year.
The world's top 10 richest people have lost just over $100 billion in wealth in 2022 as technology stocks have fallen sharply, although Monday's bounce helped limit their on-paper losses.
Musk's wealth has declined the most, by $28.6 billion. Warren Buffett is the only centibillionaire in the top 10 to have become richer, as Berkshire Hathaway stock has benefited from investors' new focus on so-called value companies whose health is more closely tied to the economy.
Tech stocks have tumbled as investors prepare for the Federal Reserve to raise interest rates and bring the easy-money era to an end. Investors have pivoted towards companies that stand to benefit more from higher interest rates, hot inflation, and a relatively strong economy.
from Business Insider https://ift.tt/vlitZHac9
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