Tesla and SpaceX Chief Executive Officer Elon Musk has hit a new milestone with his net worth jumping by $25 billion overnight after Tesla's share rallied 20 percent on March 9 - its biggest in over a year.
Nasdaq jumped 4 percent in the day.
The single-day surge took Musk's overall wealth to $174 billion. The tech billionaire is now the second-richest man close after Amazon founder Jeff Bezos, according to Bloomberg Billionaire Index.
Reportedly, the gains were recorded by Big Techs adding an overall $54 billion to the top 10 largest wealth gainers.
The surge also helped Bezos gain $6 billion, shooting his net worth to $180 billion on the Bloomberg Billionaire Index.
Musk earlier dethroned Bezos to become the world’s richest person in 2021 with a net worth of $209 billion on January 10, according to the Bloomberg Billionaire Index.
However, Bezos regained the title after a 2.44 percent drop in Tesla stock cost Elon Musk $4.6 billion on February 16. The 49-year-old business magnate, who is known for making headlines, was in the news recently after he revealed the electric carmaker had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars. His comments sent bitcoin to all-time highs, past the $50,000 mark for the first time.
New Street Research analyst Pierre Ferragu also raised Tesla's rating to "buy" from "neutral" also raising the target price to $900 from $578.
Tesla sold 18,318 China-made vehicles in February, up from 15,484 in January, Chinese auto industry body CPCA said.