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MUSK IS back in the news again. ELON Musk, the CEO of Tesla, SpaceX, and several other high-profile tech companies has seen his net worth increase to a staggering $255 billion due to a 136% surge in Tesla’s share prices this year. This has effectively made him the world’s only quarter-trillionaire.
Tesla’s share price exceeded $290 this week, resulting in a market capitalization exceeding $900 billion. Musk owns approximately 13% of Tesla and has over 300 million exercisable options, which ties his personal wealth directly to the company’s value.
Despite this increase, Musk has experienced substantial fluctuations in his net worth. In November 2021, his net worth peaked at $340 billion due to an all-time high in Tesla’s share prices. However, it plummeted to $125 billion just eight months later, resulting in a record-breaking loss of between $180-200 billion, as recognized by the Guinness World Record. It highlights the volatile nature of wealth tied to the stock market, particularly in high-growth technology companies.
About 60% of Musk’s net worth comes from his roughly 13% in Tesla, a third from his stake in private aerospace and communications giant SpaceX, and less than 10% from his ownership of Twitter.
Elon Musk’s fortune still exceeds that of Bernard Arnault, chairman of luxury goods maker LVMH, by about $52 billion. His wealth had increased by about $118 billion this year. Arnault, 74, has seen his net worth rise by $40.7 billion this year to $203 billion. Shares of Paris-based LVMH have gained 26% in 2023.
Really, does he ever leave the news?
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