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September 23, 2020
KhabriBaba
Business

CEO Elon Musk’s net worth increased by Rs 1.25 lakh crore in 23 days

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  • Reliance, the largest Indian company in market cap, profits Rs 43368 crore in 2019
  • Musk benefited from Tesla’s shares gaining 114% this year, net worth 3.20 trillion
  • Reliance chairman Mukesh Ambani’s net worth 3.94 lakh crore, number 15 among the world’s rich

America’s electric car company Tesla‘s stock continues to grow. It gained 20.5% on Tuesday. The stock has gained 40% in the last two days. It has gained 114% so far in 23 business days of this year. The rise in the share increased the net worth of the company’s CEO Elon Musk to $ 17.6 billion (Rs 1.25 lakh crore) this year. This amount is also three times the annual profit of Reliance Industries, India’s largest company.

The Rise in the share increased the net worth of the company’s CEO Elon Musk to $ 17.6 billion (Rs 1.25 lakh crore) this year

The total profit of Reliance in the four quarters of 2019 was Rs 43,368 crore. According to the Bloomberg Billionaires Index, Musk’s current net worth is $ 45.2 billion (Rs 3.20 lakh crore).

2 reasons for Tesla’s stock surge

First: US stock market analysts expect that the new Shanghai plant will be instrumental in Tesla’s growth. Last month, the company launched the first model made at its Shanghai plant. China is a big market. Tesla will benefit from production there.
Second: Tesla announced its financial results last month, saying that for the first time in 10 years, profits were made on an annual basis. Tesla’s results have been better than analysts had anticipated.

Tesla shares drowned Rs 56,800 crore in short-seller

Some people are also losing out on the rise in Tesla’s stock. Traders who are more likely to fall in a stock, sell the stock first and buy it when prices fall. These are called short sellers. Tesla shares are the shortest sale in the US. But, due to the boom in recent times, $ 8 billion (Rs 56,800 crore) of short-sellers have been sunk.

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