Elon Musk is currently the world’s richest man, according to Bloomberg’s Billionaires Index.

After Thursday’s trading sessions at the world’s most influential economy, the 50-year-old entrepreneur recorded daily gains of about $3.52 billion to be worth $196 billion.

Tesla’s share price increased 2.2% on Thursday, contributing to the billionaire’s record gains. The value of the world’s most valuable car company currently stands at $715 billion with about 123% yearly growth.

Global investors have piled into shares of the Palo Alto, California-based company focused on manufacturing electric sedans and sports utility vehicles, on some optimism that global government policies are likely to encourage the adoption of electric vehicles.

Besides news about Tesla’s strong deliveries from its China factory, the stock’s upward trend may have been triggered by a generally bullish day for growth stocks.

More than 50% of Tesla’s vehicle deliveries are expected to increase each year. China, where Tesla’s factory contributed to nearly 40% of the company’s installed manufacturing capacity in Q2, is critical to achieving this target.

As of February 2020, Elon Musk owns 20% of Tesla, and he is entitled to receive billions more from his payroll agreement based on Tesla stock.

As of December 2020, he had loans from three U.S. banks totalling roughly $500 million.

As of the beginning of last year, the fifty-year-old tech tycoon was not among the top 50 richest people. He passed Warren Buffett as America’s seventh-richest person in July of that year. His wealth has since increased, and he was ranked second only to Bill Gates in November.

His current net worth equates to 112 million troy ounces of gold or 2.77 billion barrels of crude oil.