The CEO of Tesla, Elon Musk, continues to hold the title of being the richest person in the world.
According to The Times, with a rise in net worth from $95 billion to $232 billion at the time of writing, Musk witnessed the world’s largest growth in wealth, solidifying his status as a wealthy man.
The stock price of his electric car firm Tesla rose by 107% as a result.
His personal wealth is directly correlated with the performance of the company’s shares because the billionaire owns around 13% of the electric vehicle manufacturer and has more than 300 million exercisable options.
The billionaire’s net worth peaked in November 2021 at $340 billion.
Tesla shares and Elon Musk’s personal wealth haven’t yet benefited from the South African-born billionaire’s $44 billion acquisition of Twitter.
Since his Twitter ownership became public, Musk, Tesla’s largest shareholder, has sold more than $25 billion worth of Tesla shares.
However, Deutsche Bank recently decreased its price objective on Tesla shares, cautioning that the manufacturer’s profitability could decline. As a result, shares of the most valuable automakers in the world are experiencing headwinds.
According to the bank, Tesla will record third-quarter deliveries of 440,000 units, which is less than the 455,000 units that were anticipated. Due to this, the bank’s projected quarterly revenue of $23.3 billion, down from $24.1 billion, could fall short of actual results.
The bank also warned that earnings per share, which were previously expected by Wall Street analysts to be $0.87 per share, could drop to $0.71.
The 52-year-old millionaire is a co-founder of businesses including SpaceX, which makes rockets, Tesla, which makes electric vehicles, and Boring Company, which builds tunnels.
His financial prosperity is largely dependent on Tesla’s achievement. Musk purchased Twitter in October 2022 For $44 billion.
Musk, who was raised by a nutritionist mother and an engineer father in South Africa, left home at the age of 17 to pursue a degree abroad in Canada, partly to avoid serving in the South African army during the apartheid era.
He enrolled at Stanford University after receiving degrees in economics and physics from the University of Pennsylvania.
After a few days, he left college to focus on his three main interests: the internet, clean energy, and space.
In 1995, Elon Musk founded Zip2, an internet publishing platform, which he eventually sold for more than $300 million.
He invested some of the earnings to develop the online payment platform X.com. He would combine it with PayPal, an online store that was ultimately bought by eBay in 2002 for $1.5 billion.
