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Elon Musk's net worth grew by $67 billion during Tesla's 10-day win streak

elon musk on dollar
Apu Gomes/Getty Images; Chelsea Jia Feng/BI
  • Elon Musk's net worth soared to $274 billion after Tesla stock's 10-day stock win streak.

  • Tesla shares have risen 44% since late June, driven by better-than-expected second-quarter deliveries.

  • Musk is once again the world's richest person, and his net worth exceeds Jeff Bezos's by $53 billion.

Elon Musk's net worth soared by $67 billion amid a long winning streak for Tesla stock through Tuesday's trading session, once again making him the world's richest person.

Shares of Tesla closed higher on Tuesday to notch a 10-day win streak, rising 44% since late June.

The 10-day surge propelled Musk's net worth to $274 billion, according to data from Bloomberg.

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Tesla stock was down about 0.5% at 10:00 a.m. ET on Wednesday.

The reversal of fortunes for Musk has been dramatic. As Tesla stock hit its 52-week low in April, Musk's net worth declined by $65 billion on a year-to-date basis.

But since Tesla stock bottomed, Musk's net worth has zoomed higher by $110 billion.

The gains for Tesla have come amid the company reporting better-than-expected second-quarter vehicle deliveries and as hype grows around the company's planned robotaxi unveiling on August 8.

"Perhaps the biggest factor is growing excitement around Tesla's 'robotaxi', a fully self-driving fleet of cars that could see the company challenge Uber and other ride-sharing apps. Musk has said the robotaxi will be unveiled on August 8 - with less than a month to go, traders appear to be betting big on it," Stocklytics analyst Neil Roarty told Business Insider.

Musk's $274 billion fortune makes him $53 billion richer than Jeff Bezos, who is now the world's second-richest person.

Musk still has a ways to go to reach his record net worth of $338 billion, reached in November 2021.

The bulk of Musk's wealth is tied up in Tesla stock, with his stake currently worth about $108 billion, followed by his $82 billion stake in SpaceX.

Other companies owned by Musk include xAI, the social media company X, The Boring Company, and Neuralink.

Read the original article on Business Insider