Musk’s net worth increased by $5.5 billion on Monday
lon Musk regained the position of world’s richest person on Monday, overtaking French billionaire and LVMH CEO Bernard Arnault, after Tesla shares recorded a small recovery following last week’s sharp decline.
Musk’s net worth increased by $5.5 billion on Monday, putting his estimated net worth above $210 billion, according to Forbes’ real-time billionaires list.
Arnault, 74, is close behind, with an estimated net worth of $208.5 billion.
The sharp jump in Musk’s fortunes came as Tesla’s share price rose nearly 4.2% on Monday to $190.93, after plunging to $180 last week following worse-than-expected quarterly results. .
Arnault outperformed Musk last week after LVMH shares soared more than 13% on Friday after reporting strong sales for 2023.
Amazon founder Jeff Bezos is a distant third on the real-time billionaires list, with an estimated fortune of $183.4 billion.
23.14%. That’s how much Tesla’s stock value has fallen since the start of 2024. The drop comes after last week’s earnings report and Musk’s public declaration that he was seeking greater voting control in the company. company.
Tesla’s share price and Musk’s fortune plummeted last week after the company reported a 23% year-over-year plunge in its fourth-quarter 2023 profits.
The electric vehicle maker posted sales of $25.2 billion and earnings per share of $0.71 for the quarter, missing analyst estimates of $25.6 billion and $0.73. A week earlier, the company’s shares plummeted after Musk threatened to start building advanced artificial intelligence and robotics products outside of Tesla unless he was given 25% voting power.
The billionaire owns about 13% of Tesla shares (22% if options are included) and argued that less voting power means that “an acquisition by dubious interests [is]