Home » Elon Musk’s wealth rose 600% during the pandemic

Elon Musk’s wealth rose 600% during the pandemic

by LLT Editor
21st Mar 22 11:51 am

While the COVID-19 pandemic has taken a toll on most of the global economy, Elon has been among the growing billionaires. He is the owner of SpaceX and Tesla, both boasting over $900 billion and over $8 billion respectively.

According to data by Moneytransfers.com, he currently takes the position as the wealthiest man in the world, with a fortune of over $230 billion in his hands. This wealth places him at over $40 billion ahead of Amazon’s owner, Jeff Bezos. The pandemic period has seen over 600% boost in Elon Musk’s overall net worth. He has, nonetheless, lost some of his billions this year, due to the shaky global economy.

Elon Musk’s Focus on Cryptocurrencies

He has been a significant influencer of the crypto markets, owing it to his support of coins such as Dogecoin, Bitcoin, and Shiba Inu. His constant tweets have been either the reason for a bullish or bearish outlook of different coins. Elon believes in providing meaningful services to the global community, beyond holding cryptocurrencies.

He also revealed that he believes in Dogecoin as the ‘people’s crypto’, giving him more reason to support the coin. It is not news that the technological billionaire has been on the ropes with DOGE for a while now. Musk has been working closely with its evelopers to progress the growth of the coin over the years.

A good push for Bitcoin’s prices happened in 2021 after a $1.5 billion investment into Tesla through Bitcoin. It started accepting Bitcoin payments, recently introducing Dogecoin payments or its products. In a way, this was a clear indication of his interest and that of institutional investors in cryptocurrencies.

Tesla Stocks Booming

The week has been kind to Tesla, with Friday shooting its stocks up by around $8 million. According to Musk, the company is finally breaking ground for the third phase of its project. Its focus has been on creating expensive electric vehicles with a low volume. Currently, it is going towards an autonomous and cheaper model, to suit everyone and drive the company’s growth.

However, it is not to say that the company and SpaceX are not having their fair share of inflation due to the Russia and Ukraine war. As such, Musk recognizes that this period might have a major surge on the global commodity markets. The rise currently stands at over 7% compared to last year, which might be an issue for production and living standards.’

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