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World’s Richest Gain $16 Billion as U.S. Stocks Hit Highs
http://www.bloomberg.com/news/2014-06-20/world-s-richest-gain-16-billion-as-u-s-stocks-hit-highs.htmlThe world’s 300 wealthiest people added $15.6 billion to their collective net worth this week as the Standard & Poor’s 500 Index (SPX) and Dow Jones Industrial Average (INDU) closed at record highs amid optimism that the economic recovery will accelerate.
One of the week’s biggest gainers was Tesla Motors Inc. (TSLA) chairman Elon Musk, who added $1.1 billion, according to the Bloomberg Billionaires Index. The Palo Alto, California-based company has soared 17.5 percent since May 20, driving up Musk’s fortune to $10.9 billion. Earnings for the electric carmaker are forecast to increase 46 percent this year, based on the average analyst estimate from a Bloomberg survey.
The comeback in technology shows that an appetite for risk is returning as investors overcome concern about the economy and stock valuations.
“Stocks continue to melt up,” Walter “Bucky” Hellwig, a senior vice president at BB&T Wealth Management, said in a phone interview. “The real story is that there’s more money on the sidelines than there are opportunities in risk assets.”
