The fortune of the entrepreneur grew by $ 9.9 billion, ending the week in 165.9 billion, Forbes reports. Shares of Tesla were up 9% on Wednesday and Thursday, rising 7.8% for the week.
The $ 1.2 trillion infrastructure bill proposed by the Biden Administration was announced Thursday and includes $ 15 billion in spending for a nationwide network of 500,000 electric vehicle charging stations and electrification of school buses and transit buses in the U.S. Although the proposal does not include rebates for buyers of electric cars, something that was part of the ambitious spending plan Biden launched in March, the pledge propelled shares of Tesla and other electric vehicle start-ups like Fisker and Lordstown Motors.
Despite this week’s rise, Tesla shares are still 24% below their highs in January, when Musk momentarily became the world’s richest person. It currently ranks third on the list, behind Amazon CEO Jeff Bezos and French luxury goods mogul Bernard Arnault.
Meanwhile, the second biggest winner of the week was Nike founder Phil Knight, whose fortune grew by $ 6.4 billion on Friday after the company announced large earnings for its fiscal quarter and year ending May 31, 2021. Nike’s shares soared 15.5% on Friday, while Knight, who retired from the board of directors from the firm in 2016, he now has a net worth of $ 56.4 billion, according to Forbes estimates.
