According to Bloomberg News, Tesla CEO Elon Musk manages to return to his spot of being the richest person in the world. He had lost this position to Bernard Arnault of France.
What has Buoyed Musk’s Wealth?
During the present year, Musk’s wealth was buoyed by an almost 70% rise in the stock price of Tesla Inc. It was a low intraday on January 6, and up by approximately 70%. This change was found as the investors piled back onto betting on riskier growth stocks amidst signs of economic strength. Also, there has been a slower pace of interest rate surge of the Federal Reserve.
Another move that the company has benefited immensely from is that the cost-slashing of its EVs.
Tesla Shares
Shares of Tesla surged by 5.5% at 4 pm, registering about $207.63 in New York. This boosted the net worth of Musk to $187.1 billion, as recorded by the Bloomberg Billionaires Index. This has surpassed the personal fortune of Arnault, a 73-year French tycoon behind LVMH, the luxury goods powerhouse.
Elon Musk, 51, recorded a net worth of $137 billion at the beginning of 2023. It made him the first to lose $200 Billion. According to many, Musk may not become the richest person in the world again. He did not appear on Bloomberg’s wealth index for more than 60 days following a steep plunge in Tesla.
Did Donations to Tesla CEO Elon Musk Make a Dent in his Net Worth?
Bloomberg News reports that the donations he made last year did not cause sent in the net worth of Musk. It was found that he had donated around 11.6 million shares of Tesla to a charitable cause that was not named. This donation was given away between August and December, per a disclosure made in February. Based on the closing prices on those days that they were donated, the worth of the stocks was about $1.9 billion.
Why were Tesla Investors Bothered?
The Tesla investors were curious and concerned that he was spending too much time on Twitter after acquiring it in October. During this period, his electric car-making wing faced a tough time in the EV industry.
Musk declared that he would give up his Twitter post in December if he found someone “foolish” to take on the role.
He also announced that it might take a couple of months to stabilize the finances of Twitter before he can hand over the post of CEO to someone new.
