Tesla CEO's finances

Tesla and SpaceX CEO Elon Musk's fortune has risen by $9.9bn in the past week, Forbes reports.

Musk is in third place on the Forbes list, his fortune is estimated at $165.9 billion. The entrepreneur is ahead of Amazon CEO Jeff Bezos ($196.2 billion) and LVMH (Louis Vuitton Moet Hennessy) Group CEO Bernard Arnault ($193.3 billion).

Tesla shares rose 7.8% in the week.

According to Forbes, Musk got rich by almost $10 billion in a week thanks to a White House agreement with a bipartisan group of senators to invest in infrastructure.

The plan to rebuild the nation's infrastructure would run for eight years, with $1.2 trillion earmarked by authorities. The project would, among other things, mitigate the environmental impact of transport. A national network of 500,000 charging stations for electric vehicles (EVs) will be built along highways, in rural and deprived areas in the USA. There will also be a first-of-its-kind infrastructure financing authority in the US, which will raise funding for clean transport and clean energy.

It remains to be seen whether the project will get enough support from senators to become law. However, shares in Tesla and other young electric car companies such as Fisker and Lordstown Motors have already risen on the news.