The stock market recovered from a brief mid-June dip to rise to new record highs this week as the White House reached a deal with a bipartisan group of senators on an infrastructure bill. Tesla’s Elon Musk was the rally’s biggest beneficiary.
Musk, the world’s third richest person, saw his fortune grow by $9.9 billion, finishing the week at $165.9 billion. Tesla stock rose by 9% on Wednesday and Thursday and was up 7.8% for the week. Tesla handily outpaced the main stock indices: The S&P 500 index gained 2.7% this week, and the Dow Jones Industrial Average increased by 3.4%.
Tesla’s second-quarter delivery numbers, set to be released in the first week of July, will shed more light on the company’s growth. Its 185,000 deliveries in the first quarter were more than double what it reported in 2020. Despite this week’s surge, Tesla stock is still 24% below its January records—which briefly made Musk the world’s richest person. At a current No. 3, Musk trails Amazon CEO Jeff Bezos and French luxury goods tycoon Bernard Arnault, Forbes reported.
