After slipping briefly to Frenchman Bernard Arnault, Elon Musk has regained his place as the wealthiest individual on Earth.
This year, Elon Musk’s fortune has skyrocketed due to the impressive 70% surge in Tesla’s share price. In fact, since January 6th of this year, Tesla shares have risen a staggering 100%, as investors shift their focus toward riskier growth stocks on the back of increased economic stability and reduced interest rate increases from the Federal Reserve.
Tesla generated a surge in demand for their electric vehicles after slashing prices on certain models.
At 4 pm, Tesla shares surged 5.5% to $207.63 which brought Elon Musk’s net worth to an astounding $187.1 billion according Bloomberg Billionaires Index!
At the start of 2023, Musk had a net worth of $137 billion–the first time someone’s fortune dipped below $200 billion. Yet in no time at all, he was able to outshine Bernard Arnault and regain his title as the wealthiest person on Earth. The 73-year-old French businessman has amassed a personal wealth amounting to$185.3 billion from his stake in Louis Vuitton luxury goods company; however, this is nothing compared to Musk’s estimated value of over two hundred billion now that he reigns supreme again!
Despite his generous donations in late 2020, Elon Musk’s net worth has remained relatively unchanged. According to a February filing, the philanthropist donated 11.6 million shares of Tesla stock – amounting to an approximate value of $1.9 billion based on closing prices at that time – between August and December last year alone!
Investors of Tesla had apprehensions that Musk was putting too much energy into Twitter, the platform he acquired in October when his electric car manufacturer was contending with intense competition from others throughout the industry. In December, Elon Musk declared that he would resign as soon as someone “foolish” enough is found to fill the vacancy – a statement which left many investors curious.
This month, Musk indicated that he may require until the close of the year to stabilize Twitter’s finances before appointing a new Chief Executive Officer.
Tesla’s amazing growth has drastically outshined the increase of the highly-tech Nasdaq 100, which only rose 10% this year. In between those surges are huge amounts of speculative activity from retail traders—a favorite being Tesla!
