Elon Musk Net Worth to Hit $400 If Tesla Stock Price Hits This Level
The Elon Musk net worth keeps growing. According to Bloomberg, Elon Musk’s net worth jumped by more than $24 billion on Monday as the Tesla stock price surged. This brings his total net worth to more than $335 billion, meaning that he has earned more than $165 billion in paper profits this year alone.
Tesla stock boosts Elon Musk net worth
At the current net worth of $335 billion, Musk is worth more than Jeff Bezos by more than $142 billion. This difference is mostly because the Amazon stock price has barely moved this year. Indeed, Bezos net worth has risen by just $2 billion this year.
Elon Musk’s net worth is also significantly higher than that of other well-known billionaires. He is even worth more money than Bill Gates and Warren Buffet combined. Other people valued at more than $100 billion include the founders of Google, LVMH, Reliance Industries, and Facebook.
The net worth of Elon Musk has jumped sharply helped by three key things. First, the Tesla stock price has been flying lately. It has soared by more than 200% in the past 12 months alone as demand for electric vehicles has jumped. Musk owns about 17% of the company, according to Bloomberg.
Tesla is today more valuable than all auto companies combined. This is despite the fact that companies like General Motors, BMW, Ford, Toyota, and Volkswagen sell millions of cars every year.
Second, he has also benefited from the strong demand for space travel. He owns about 54% of SpaceX, a company that was recently valued at more than $100 billion. Analysts believe that his net worth will skyrocket when the company goes public.
Third, Elon Musk net worth has benefited from the performance of Bitcoin and Dogecoin. It is unclear how many Ethereum, Dogecoin, and Bitcoin he owns.
Therefore, based on the recent trends, there is a highly likelihood that his net worth will soar to about $400 billion by the end of the year. For that to happen, Tesla shares need to rise by less than 20%.
Tesla stock price forecast
On the daily chart, we see that the Tesla stock price has been in a strong bullish trend lately. The bullish view got supercharged when the stock jumped above the key resistance level at $900 where it struggled moving above earlier this year. The stock is above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has been rising.
Therefore, in this case, the trend is your friend and there is a likelihood that it will soar to about $1,300 in the near term. The stock needs to rise to about $1,465 for Elon Musk net worth to reach $400 billion.
On the flip side, a drop below $1,000 will invalidate the bullish view.