Tesla's Elon Musk is $1.4 billion richer amid talk of going private
Elon Musk’s net worth has surged since he raised the possibility of taking Tesla private.
Bloomberg’s Billionaires Index estimated that Musk, Tesla’s CEO, was $1.43 billion richer when the market closed Tuesday, when shares of the electric car maker rallied about 11%. He now ranks 31st on Bloomberg’s list of the wealthiest individuals in the world with a total net worth of $25.8 billion.
Musk shocked Wall Street when he disclosed on Twitter that he’s considering taking Tesla private. He later posted a blog explaining the potential move, saying going private would be the “best path forward” for the Palo Alto, California-based company.
Musk also said Tesla has “funding secured” for a deal that could exceed $70 billion at a share price of $420. It remained unclear who would fund the take-private deal.
Tesla’s stock eased lower Wednesday, dropping 2.4%. Shares were up 20% on the year as of Tuesday’s close.