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U.S. Treasury is paying $3 billion a day in interest on national debt, says the CBO—having spent $10 billion to prop up the currency of its top lender

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The stock market may be doing so well that it's causing more baby boomers and Gen Xers to drop out of the labor force
FinanceElon Musk

The latest Tesla shares rally pushes Elon Musk’s net worth above $300 billion

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Donald Moore
Donald Moore
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Bloomberg
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Donald Moore
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Bloomberg
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January 4, 2022, 6:28 AM ET
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Elon Musk started 2022 with a bang.

Tesla Inc. reported it had smashed its previous record for vehicle deliveries, spurring a rally in the electric car-maker’s shares and creating one of the biggest one-day jumps in wealth.

Musk’s fortune jumped by $33.8 billion on Monday to $304.2 billion, according to the Bloomberg Billionaires Index. Jeff Bezos, second on the list, has a $196 billion fortune.

Tesla’s shares rose 13.5% to $1,199.78 on Monday after fourth-quarter results handily exceeded analysts’ estimates for auto deliveries. 

The company’s market valuation jumped back above $1 trillion last month after a dip in November and early December.

Musk, who owns about 18% of Tesla, helped trigger the slide when he said he would reduce his stake in the company by 10%. He’s sold more than $10 billion worth of shares since November, part of a plan to generate cash to pay tax obligations.

Musk’s net worth, which also includes his stake in rocket manufacterer SpaceX, reached a high of $340 billion last year, surpassing the peak inflation-adjusted net worth of John D. Rockefeller and briefly making him the richest person in modern history. 

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