The 48-year-old billionaire, Elon MuskÂ saw his wealth valuation rising by $8 billion over outstanding gains seen in Tesla, the worldâ€™s most valuable car company, at the close of Wednesdayâ€™s trading sessions.
Data collated from Bloomberg Billionaire Index revealed Musk, the current helmsman of Tesla, is presently worth $180 billion and is now the second richest man having surpassed the 72-year-old French billionaire, Bernard Arnault worth $173 billion.
Muskâ€™s wealth gain since the start of 2021 presently stands at $10.4 billion.
The stock price of the electric car marker gained as much as 5.27% on Wednesday to settle at $656.57 with a market valuation of about $632.5 billion.
Recent macros reveal Teslaâ€™s stock price recorded significant gains after the company announced that it had opened a solar-powered charging station in Tibet, China. The station in Tibet is the first of such facilities in China, the worldâ€™s largest market for automobiles.
This further boosted the carmakerâ€™s investors on the grounds that the electric car companyâ€™s solar business may provide an additional source of growth in the future.
The Nasdaq listed stock is also enjoying investors confidence after recent data postulated a record peak for U.S. factory activity in June.
The billionaireâ€™s wealth valuation has been gaining momentum of late as global investors pile into shares of the Palo Alto, California-based company known for selling electric-powered sedans, sport utility vehicles on bullish sentiments that it will likely benefit from Joe Bidenâ€™s administrationâ€™s push towards electric vehicle adoption.
Though recent price patterns reveal the stock is still far from its 52-week high of $900, the stock has been able to produce yearly returns of about 242%, even as forecasts by renowned auditing firm, Ernst & Young, that electric vehicle sales will likely outpace internal combustion engine sales in the early 2030s, weighed positively on the stock price.