Musk's Wealth Increased by Billions in Just Five Days

In the last five days, entrepreneur Elon Musk's wealth has increased by $37.3 billion, according to the Bloomberg Billionaires Index. This marks the most significant weekly increase in his fortune since early March 2022.

Reports of a potential collaboration with Chinese technology company Baidu have contributed to the rise in Tesla's stock prices. On April 29 alone, Musk's wealth increased by $18.5 billion, reaching a milestone of $201.5 billion, as reported by Bloomberg. On the same day, Tesla's shares surged by 17.76 percent.

On April 28, Elon Musk arrived in China and met with Premier Li Qiang. According to Bloomberg, the billionaire has agreed to collaborate with Baidu. Tesla will work with the Chinese company on the development of mapping and navigation systems for its Full Self-Driving (FSD) program.

According to the agency, autonomous driving and driver assistance systems are becoming increasingly popular in China. In this regard, Tesla faces growing competition in the country's automotive market, with its market share declining from 10.5% in the first quarter of 2023 to 6.7% in the fourth quarter.