Elon Musk's Wealth Increases by $12.8 Billion in Just 7 Days

In just one week, Elon Musk's wealth has increased by $12.8 billion. Both Musk and Europe’s richest man, Bernard Arnault, each added $13 billion to their fortunes, closing in on the title of the world's richest businessman, Jeff Bezos, according to Forbes.

Bernard Arnault, owner of Louis Vuitton, saw his fortune grow by $13 billion within the week. The French billionaire has become the leader in capital growth among global billionaires this week, slightly ahead of Musk, whose net worth has risen by $12.8 billion. The billionaires are primary beneficiaries of record market growth, which has seen consecutive record highs for four weeks now.

Shares of Arnault's LVMH increased by 7.8% in just one week, reaching record levels. Investors are expecting substantial sales from the company, welcoming new acquisitions and collaborations. The $15.8 billion acquisition of the Tiffany & Co. jewelry brand has had a positive impact. Arnault's fortune has reached $181.6 billion, according to Forbes' real-time rankings, which indicates that his capital has grown by over $100 billion since March 2020.

Currently, Musk's wealth is estimated at $179.7 billion. Tesla stocks ended the trading week at nearly $740, having risen by 9.3% over five days. The company's shares started to surge dramatically after Canaccord Genuity analyst Jed Dorshaimer raised his stock price forecast more than double, from $419 to $1,071 per share.