Tesla's Elon Musk is $1.4 billion richer amid talk of going private

Elon Musk’s net worth has surged since he raised the possibility of taking Tesla private.

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Bloomberg’s Billionaires Index estimated that Musk, Tesla’s CEO, was $1.43 billion richer when the market closed Tuesday, when shares of the electric car maker rallied about 11%. He now ranks 31st on Bloomberg’s list of the wealthiest individuals in the world with a total net worth of $25.8 billion.

Musk shocked Wall Street when he disclosed on Twitter that he’s considering taking Tesla private. He later posted a blog explaining the potential move, saying going private would be the “best path forward” for the Palo Alto, California-based company.

Musk also said Tesla has “funding secured” for a deal that could exceed $70 billion at a share price of $420. It remained unclear who would fund the take-private deal.

Tesla’s stock eased lower Wednesday, dropping 2.4%. Shares were up 20% on the year as of Tuesday’s close.