Tesla’s stock price has increased for 10 consecutive sessions, helping Elon Musk surpass Jeff Bezos to return to the position of the richest person in the world.

Elon Musk ‘s net worth has skyrocketed by $67 billion following Tesla ‘s long-running stock rally , Business Insider reported . The surge has returned him to the title of the world’s richest person.

Tesla shares closed higher on Tuesday (July 9), marking a 10-day winning streak, with a 44% gain since late June.

According to Business Insider, the 10-day rally has raised Musk’s net worth to $274 billion.

Musk’s fortunes have indeed reversed dramatically. When Tesla shares hit a 52-week low in April, Musk’s net worth was down $65 billion from the start of the year. But since the stock bottomed, his net worth has skyrocketed by $110 billion.

Tesla’s gains came after the company reported better-than-expected vehicle deliveries in the second quarter of 2024 and growing expectations around the company’s planned robotaxi launch on August 8.

“Perhaps the biggest factor is the growing excitement around Tesla’s ‘robotaxi,’ a fleet of fully autonomous vehicles that could help the company compete with Uber and other ride-hailing apps,” said Stocklytics analyst Neil Roarty. “With less than a month to go until the robotaxi is expected to launch, traders appear to be betting big on it.”

Musk’s $274 billion fortune makes him about $53 billion richer than Jeff Bezos, currently the world’s second-richest person.

Still, many believe Musk still has a long way to go to reach his record net worth of $338 billion, which he achieved in November 2021.

The bulk of Musk’s wealth comes from his Tesla stock holdings (currently worth about $108 billion), followed by his $82 billion stake in SpaceX.

Other companies owned by the billionaire include xAI, social media company X, The Boring Company and Neuralink.