Thanks to an electric vehicle infrastructure plan announced by US President Joe Biden, Tesla shares jumped 9%, immediately boosting Elon Musk’s fortune.
Grow Your Business,
Not Your Inbox
Stay informed and join our daily newsletter now!
June
28, 2021
3 min read
This week, Elon Musk , CEO of Tesla , was the biggest winner in the stock market. The tycoon added nearly $ 10 billion to his already immense fortune after Joe Biden, the president of the United States, announced an infrastructure project to boost the use of electric vehicles .
Tesla shares registered a total rise of 11.6% between Wednesday and Thursday of last week. These went from cost 623.48 dollars each, to almost 696 dollars per unit .
Source: Yahoo! Finance .
The rally translated into more than $ 9.9 billion extra for Musk’s estate, according to Forbes data. The fortune of the also CEO of SpaceX closed the week at 165.9 billion dollars, and as of today, Monday, he already registers 169.5 billion dollars in his accounts.
Joe Biden’s administration’s proposed infrastructure bill, announced Thursday, is worth $ 1.2 trillion . This amount includes an investment of 15,000 million dollars to create a national network of 500 thousand electric vehicle charging stations , as well as the electrification of school and transit buses in the United States.
The final proposal does not include refunds for electric car buyers, something Biden did have in mind last March when he launched his spending plan.
The bipartisan agreement not only boosted Tesla’s shares , but also those of other electric vehicle companies such as Fisker and Lordstown Motors.
Despite Tesla’s rally, the company’s shares are still 24% below their January highs, when they were trading at $ 883, according to data from Yahoo Finance .
The hot streak didn’t help Elon Musk regain his place as the world’s second-richest person either, as he still ranks third behind Jeff Bezos , founder and still CEO of Amazon, and Frenchman Bernard Arnault , owner of the Amazon conglomerate. LVMH luxury goods.