JUST IN: Elon Musk gains $25 billion in a day, as Tesla surges by 20%

With its largest daily gain in a year, Tesla Inc., the world’s most valuable car company surged nearly 20% on Tuesday.

However, this happened after data showed an increase in China sales and an analyst raised his rating on the stocks.

Moreso, the current second richest individual, Elon Musk saw his wealth valuation rising by $25.1 billion over impressive gains seen in Tesla.

The 49-year-old self-made billionaire has a wealth valuation of $174 billion.

Investors are currently increasing their bullish pressure on Tesla as they weigh reports that the electric vehicle industry is expected to grow into a $5 trillion market over the next decade.

Moreso, sales data released by the ChinesePassenger Car Association also helped buoy Tesla’s share price.

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Tesla sold 18,318 Model 3s and Model Ys made at its Shanghai vehicle plant in China, according to CPCA data. (Of that, 13,688 were Model 3s.) Those robust sales came despite a Chinese New Year holiday from February 11th to February 17th that disrupted the business ecosystem in the world’s biggest car market.

Tesla’s stock ended at $673.58 after its strongest daily rise since February 2020. The stock remains down more than 20% from its January record high.

Traders exchanged nearly $43 billion worth of Tesla shares, more than any other stock, and almost triple the second most-traded company, which was Apple.

According to Refinitiv data,

“As much as the market severely corrected the recent excesses of optimism reflected in Tesla’s valuation, our recent work strengthened our confidence about the solid outlook for the company in the next two years.”

Tesla’s stock remains up about 70% over the past six months. Thirteen analysts have neutral ratings on Tesla, while 12 recommend buying and 10 recommend selling, according to Refinitiv.