Elon Musk Bounces Back As Tesla Shares Rises,  Overtakes Arnault.

Elon Musk Bounces Back As Tesla Shares Rises, Overtakes Arnault.

Elon Musk reclaimed the position of world’s richest person Monday, overtaking French billionaire and LVMH CEO Bernard Arnault after Tesla stocks mounted a small recovery following a steep slump last week.
Elon Musk In Krakow, Poland
Tesla CEO Elon Musk’s fortune rose by $5.5 billion

Musk’s net worth grew by $5.5 billion on Monday, pushing his estimated net worth past $210 billion, according to Forbes’ real-time billionaires list.

The 74-year-old Arnault remains close behind, with an estimated net worth of $208.5 billion.

The sharp jump in Musk’s fortune occurred as Tesla’s share price rallied nearly 4.2% on Monday to $190.93, after plunging to $180 last week following worse-than-expected quarterly earnings.

Arnault overtook 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 the amount by which Tesla’s stock value has declined since the start of 2024. The slump follows last week’s earnings report and Musk publicly stating he was seeking more voting control in the company.

Tesla’s stock price and Musk’s fortune tumbled last week after the company reported a 23% annual profit decline in its fourth-quarter earnings for 2023. The electric vehicle maker reported sales of $25.2 billion and $0.71 earnings per share for the quarter, falling short of analyst estimates of $25.6 billion and $0.73. A week before that, the company’s stock took a hit after Musk threatened to start building advanced AI and robotics products outside Tesla unless he is granted 25% voting power. The billionaire owns around 13% of Tesla’s stock (22% if options are included) and argued that a lower voting power means “a takeover by dubious interests [is] too easy.”

Leave a Reply

Your email address will not be published. Required fields are marked *