Recently, after achieving a new milestone, Tesla CEO Elon Musk has become the richest person globally.
In the latest report about the billionaire’s life, it was reported that Musk's earnings increased by $95 to total his net worth at $252.6 billion, placing him as the richest man in the world. This revenue was a result of the 107% increase in Tesla's stock price.
Presently, Musk owns about 13% of the stock at Tesla, which shows that the billionaire's wealth is linked to the performance of the stock price at Tesla.
In September 2021, Elon Musk became the richest man in the world. That same year, in November, Musk's net worth skyrocketed to $340 billion, cementing his position as the richest person globally and gaping his counterpart.
However, after he acquired Twitter on October 27, 2022, for $44 billion, his net worth didn’t recover early enough because X, formerly Twitter, didn’t help Tesla's stock or Musk's fortune.
Every since his acquisition Musk has sold more than $25 billion worth of Tesla shares since his stake in Twitter went public.
However, it hasn’t been a good start for Tesla this year due to the reduced price target of Tesla shares by Deutsche Bank, showing that Tesla production will witness obstacles in 2024.
“The bank reiterated its Buy rating on the stock but reduced its price target on Tesla stock to $285 per share, up 5 points from the previous target of $300.
This is largely due to the bleak production outlook for next year.
The bank predicts that Tesla will report third-quarter deliveries of 440,000 units, below estimates of 455,000 units. That could result in quarterly revenue lower than the bank’s previous estimate, at $23.3 billion, down from $24.1 billion.
At the same time, the bank said earnings per share could fall to $0.71, down from Wall Street estimates of $0.87 per share,” Nairametrics reported.
Elon Musk, the 52-year-old billionaire, is the co-founder of companies such as SpaceX, Tesla, and Boring Company.
Most of his earnings come from the success of his automobile company, Tesla. In October 2022, Musk added to his investment by buying X, formerly Twitter, for $44 billion.
Elon Musk was born in South Africa, and his father was an engineer, while his mother was a nutritionist. At the age of 17, Musk left home to study in Canada in a bid to escape serving in the South African army during the apartheid era.
He earned a degree in physics and economics from the University of Pennsylvania, after which he moved to enroll at Stanford University.
He didn’t finish at Stanford University because he dropped out to pursue his goals in the Internet, clean energy, and space.
In 1995, Elon Musk created an online publishing platform called Zip2 and sold it four years later for more than $300 million.
He used part of his profit to launch X.com, an online payment system. After that, he merged it with PayPal and sold it to eBay for $1.5 billion in 2002.