Tesla Inc. TSLA CEO Elon Musk added $25 billion to his fortune in just one day, enabling him to close the gap with the world’s richest person and Amazon.com Inc. AMZN CEO Jeff Bezos, according to the Bloomberg Billionaires Index.
What Happened: Shares of Tesla gained nearly 20% in Tuesday’s regular session for its biggest jump in more than a year, as tech stocks rallied sharply on Wall Street amid falling bond yields. That resulted in Musk’s fortune rising by $25 billion and leading the gains among tech tycoons on Tuesday.
Amazon’s shares rose 3.8%, helping Bezos gain $6 billion on the same day.
According to the Bloomberg Billionaires Index, Bezos’ net worth was $179.9 billion, followed by Musk with a net worth of $174.1 billion. The index is a ranking of the world’s 500 wealthiest people.
Why It Matters: Bezos and Musk are engaged in an intense tussle for the top spot on the Bloomberg wealth index. Musk dethroned Bezos as the world’s richest person in January this year and his fortune touched $210 billion in the same month.
See Also: Tesla’s February Sales Growth in China Shows ‘Major Directional Swing,’ Analyst Says
However, Bezos regained the title of the world’s richest person after Tesla’s shares fell about 36% since then. Nevertheless, the gap between the two billionaires is now less than $6 billion.
Price Action: Tesla shares closed 19.6% higher at $673.58 on Tuesday and rose almost 2.3% in the after-hours session. Amazon shares closed 3.8% higher at $3,062.85 and added another 0.10% in the after-hours session.
Read Next: Tesla Factories and Warehouses Impacted in Massive Security-Camera Breach: Report
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