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Tesla CEO Elon Musk made $25.1 billion in one day, setting a new record. This was facilitated by the 20 percent hike in Tesla Inc.’s share price. Earlier on Tuesday, March 10, Tesla Inc.’s shares jumped up by 20 percent – the biggest in more than a year.

Elon Musk’s overall wealth now stands at $174 billion, as per the Bloomberg Billionaires Index.

The business magnate and SpaceX founder is now the second-richest man in the world, right after Amazon’s Jeff Bezos.

After about three weeks of declines which sent Nasdaq 100 Index down by 11 percent, the stock market index showcased stellar performance. Jeff Bezos, founder and outgoing CEO of Amazon, gained $5.95 billion, taking his fortune to $180 billion.

Earlier this week, Tesla Inc. lost a third of its value from its January record high. However, yesterday, its sales shot up in China, indicating market share gains. This humongous spike in Elon Musk’s wealth has shortened the wealth disparity between him and Jeff Bezos. Elon Musk is only $6 billion apart from Jeff Bezos. The latter had taken over Elon Musk last month to become the richest man on Earth.

According to media reports, Big Techs gained an overall of $54 billion.

Earlier this year, in January, Elon Musk had surpassed Jeff Bezos. The tech billionaire added $160 billion to his fortune to become the world’s richest person. Steady profits had lead to Tesla Inc.’s stock prices skyrocketing and surging 437 percent in the last 12-months.

According to Bloomberg Billionaires Index, American business magnate and co-founder of Microsoft Corporation, Bill Gates gained $666 million, taking his fortune to $137 billion. French billionaire and Chief Executive of LVMH, Bernard Arnault, ($119 billion) gained $1. 68 billion, and Facebook CEO Mark Zuckerberg ($101 billion) made $3.84 billion. India’s Mukhesh Ambani gained $669 million, and is now worth $85 billion.