Elon musk regains position of richest man as tesla st...
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Elon Musk has reclaimed the title of richest man in the world after making about $3.52 billion in profit at the end of Thursday’s trading session.

According to the Bloomberg Billionaire Index, the 50-year-old entrepreneur is now valued at $196 billion, more than Jeff Bezos, who is currently worth $192 billion.

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Tesla’s stock price rose 2.2% on Thursday, contributing to the billionaire’s record profits. The world’s most valuable auto company is currently valued at $715 billion with an annual growth rate of approximately 123%.

Global investors have piled on shares of the Palo Alto, California-based company dedicated to manufacturing electric sedans and SUVs, with some optimism that global government policies are likely to encourage electric vehicle adoption.

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In addition to news of Tesla’s strong deliveries from its factory in China, the stock’s upward trend may have been triggered by a generally bullish day for growth stocks.

More than 50% of Tesla’s vehicle deliveries are expected to increase each year. China, where Tesla’s factory contributed nearly 40% of the company’s installed production capacity in the second quarter, is critical to achieving this goal.

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As of February 2020, Elon Musk owns 20% of Tesla and is entitled to billions more from his pay agreement based on Tesla stock.

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