Elon Musk’s wealth has soared almost $11 billion since he took the stand in a civil courtroom over his “funding secured” tweet.
According the Bloomberg Billionaire’s Index, the Tesla and SpaceX CEO’s internet value surged by about $10.6 billion to $145.2 billion since he testified in courtroom on Friday. That marks the most important two-day achieve since November.
Musk is being sued by Tesla shareholders after tweeting he had “funding secured” to take Tesla non-public at $420 per share again in 2018. However, the deal by no means occurred, and traders are suing Musk for billions of {dollars} in damages.
In courtroom, the billionaire defended the tweet, saying it was not a joke as a result of he thought he had funding secured from Saudi Arabia’s Investment Fund. He even blamed a significant Saudi Arabian investor for later “backpedaling” and “ass-covering” to slide out of the deal.
Musk additionally testified in courtroom that he counted on promoting SpaceX inventory to take Tesla non-public when he posted the infamous tweet. “SpaceX stock alone meant ‘funding secured’ by itself,” he mentioned.
The tech guru’s wealth achieve nearly makes up for Musk’s lack of $13 billion to this point in 2023. Last yr, he turned the primary and solely particular person in historical past to lose $200 billion from their internet value.
Much of Musk’s wealth is tied up in shares of Tesla. But the carmaker’s inventory had a tough 2022, falling nearly 70% as traders questioned Musk’s dedication to Tesla following his $44 billion Twitter takeover. His internet value has now fallen about $195 billion from its peak, per Bloomberg.
