Musk Reclaims Title Of World’s Richest Man

Ben ZeisloftFebruary 28, 2023

Elon Musk After acquiring shares in an electric automaker, is again the world’s wealthiest man Tesla The stock market has surged in the past two months.

According to the latest, Bernard Arnault (the chief executive of the company that owns Louis Vuitton luxury brands Hennessy and Louis Vuitton) awarded the distinction to the entrepreneur. Data The Bloomberg Billionaires Index. Musk now has an estimated fortune worth $187 billion. This represents an increase of more that $50 billion over the start of 2011.

Musk’s rapid net worth increase was due to Tesla’s stock value, which Musk invested in early and which has now risen to $210.04 as Tuesday morning. That is a 94% rise in two months.

Arnault is currently worth $185billion; he is followed closely by Jeff Bezos, Amazon founder, worth $117billion, and Bill Gates co-founder of Microsoft, worth $114billion.

Musk, an American citizen from South Africa, entered 2017 with a net worth $137 billion. This was after he became one of the first people to lose $200billion from his fortune. Report Bloomberg. The $44 billion deal that he completed to acquire Twitter was criticized by analysts as an overvaluation.

Tesla investors were worried that Musk would be distracted by the Twitter acquisition. The company nonetheless posted Record Financial performance during the fourth quarter in 2022 “We achieved the highest-ever quarterly revenue, operating income and net income in our history,” According to the company, Earnings Report. “As we progress into 2023, we know that there are questions about the near-term impact of an uncertain macroeconomic environment, and in particular, with rising interest rates. The Tesla team is used to challenges, given the culture required to get the company to where it is today.”

Tesla is expanding its physical footprint across the United States, and around the world, as executives reveal Best intentions Two new Nevada factories will be built to boost battery cell production capacity. Musk participated in negotiations with Mexican officials regarding the construction of new factories in Latin American.

Other investors were concerned about Musk’s reputation for free speech and the acquisition. Absolutist Frequent Critic Biden administration would alienate Tesla’s liberal consumer base. According to a study, Tesla’s net favorability among Democrats fell by 20% between October and November, which was the period of the acquisition. Survey Morning Consult reports that net favorability among Republicans increased 3.9% during the same period.

One analyst Ask During an earnings call, Musk asked whether the brand damage caused by the acquisition had affected Tesla’s demand. Musk replied by checking his Twitter account to see that he has 127 million followers. He claimed that this is a result of the acquisition. “reasonably popular” Other than “a few people” complaining. “I think Twitter is actually an incredibly powerful tool for driving demand for Tesla,” He asserted. “And I would really encourage companies out there of all kinds, automotive or otherwise, to make more use of Twitter and to use their Twitter accounts.”