Daily Management Review

Musk's fortune grows by $10bn in a week


The fortune of Elon Musk increased by almost $10bn last week as shares in the Tesla carmaker surged. The company's stock surged after the Biden administration agreed an infrastructure upgrade plan with congressmen that includes spending on electric vehicle chargers.

JD Lasica
JD Lasica
The fortune of Elon Musk last week rose by $ 9.9 billion and is now estimated at $ 165.9 billion, writes the American Forbes. The billionaire's capital has increased against the background of the growth of shares of his car concern Tesla, due to the agreement reached in the U.S. on a plan to modernize the country's infrastructure.

Musk is the third richest billionaire in the world. Amazon founder Jeff Bezos, with a net worth of $196.2bn, comes in first place, followed by Europe's richest businessman Bernard Arnault, owner of the LVMH group, which owns the fashion houses Louis Vuitton and Dior. Forbes estimates his fortune at $193.8bn.

Tesla's stock rose 9 per cent on Wednesday and Thursday, and were up 7.8 per cent for the week, Forbes USA noted. The publication attributes the growth of the automaker's securities to a plan to invest in U.S. infrastructure, which U.S. President Joe Biden negotiated with a group of legislators from the Democratic and Republican parties.

According to the statement published on the site of White House, the new project means large-scale investments ($1,2 trillion) into development of public transport, reconstruction of roads and bridges, improvement of broadband access to Internet and development of electric power industry. The investment plan also includes the creation of a national network of 500,000 electric vehicle chargers. The authorities plan to spend $15bn on the project.

source: forbes.com