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Elon Musk is once again the world's richest person after Tesla shares soared and are on the verge of recouping 2024 losses

The company's sustained valuation has added nearly $30 billion to the company CEO's fortune.

Elon Musk(Frederic J. Brown / AFP)

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Tesla shares experienced a remarkable recovery in recent days, practically erasing the losses accumulated during 2024, following the announcement of the number of vehicles delivered in the second quarter of this year. This rebound pushed Elon Musk back to the top of the world's richest people list, surpassing Jeff Bezos.

This week, Tesla announced that it delivered around 444,000 cars to customers in the year's second quarter. Although this figure is 5% lower than in the same period last year, it exceeded the expectations of many experts who had estimated around 415,000 deliveries. The news was greeted with great enthusiasm by investors, leading to a 10% increase in the value of Tesla shares on Tuesday.

The following day, the stock price hit $248.35, approaching the $248.48 at which it closed in 2023. This remarkable rise is especially impressive given that on April 22, Tesla shares were below $140, marking a solid recovery in recent months.

By midday Wednesday, shares were trading at $241.92, up 4.6% from the previous day. In contrast, the S&P 500 was up 0.2% and the Dow Jones Industrial Average was down 0.2% in the same period.

According to a report from Barron's, the sustained rise in Tesla shares for seven consecutive days has added nearly $30 billion to Elon Musk's wealth, cementing his position as the world's richest person.

This growth in stock value reflects growing confidence in Tesla's ability to achieve its long-term goals, including a target of reaching an annual production of 2 million vehicles in the coming quarters, according to Webbush analyst Dan Ives.

However, not all views have been favorable. Ronald Jewsikow, an analyst at Guggenheim, cautioned that a 5% drop in deliveries is not a positive sign and argued that much of the 10% rise in the stock is due to a record deployment of energy storage systems, rather than auto sales.

Despite the divided opinions, the general consensus among more than 40 analysts covering Tesla stock is that the delivery results represent a win for the company. With shares trading near $235 apiece in pre-market trading, investors are anxious to see how far this recovery will go or whether the rally will fade in the near future.