As Tesla shares increase, Elon Musk’s wealth surpasses $500 billion once more

Tesla shares increased in recent days, and Elon Musk’s net worth crossed the $500 billion mark once more on Tuesday. Improved trade talks between the US and China, which supplies more than a quarter of Tesla’s sales, seemed to help the automaker.

After a 4.3% recovery on Monday, Tesla shares increased 2.2% to approximately $462.50 on Tuesday afternoon.

President Donald Trump stated on Monday that a trade agreement between the United States and China is likely to be reached before Trump meets with Chinese President Xi Jinping. Earlier this month, Trump warned China with 100% tariffs after Chinese officials disclosed trade restrictions on rare earth minerals.

Musk, who owns approximately 12% of Tesla’s capital, is the richest person in the world, with an estimated fortune of $501.7 billion. His net worth increased by $6.6 billion (1.3%) on Tuesday as Tesla shares continued their rally.

He became the first person to reach a $500 billion fortune earlier this month, and he may become the world’s first trillionaire if Tesla shareholders approve Musk’s $1 trillion payout plan.

Despite record sales driving over $28 billion in revenue in the third quarter, Tesla announced earnings per share of $0.50, missing projections of $0.56. The expiration of a federal tax credit for the purchase of electric vehicles, which Musk hinted earlier this year would have an impact on Tesla’s next quarters, was blamed by some analysts for the spike in sales.