After being briefly overtaken by Bernard Arnault of France, Elon Musk is back on top of the wealthiest people list. The nearly 70% increase in Tesla Inc.’s stock price this year has boosted Musk’s wealth.
It has gained roughly 100% from its intraday low on January 6 as investors return to betting on riskier growth stocks in response to rising economic optimism and a moderating pace of interest rate hikes by the Federal Reserve. The company has seen increased demand for its electric vehicles as a result of price reductions across a number of models.
Musk’s giving at the end of last year didn’t significantly reduce his wealth. According to a disclosure he made in February, he donated 11.6 million Tesla shares to anonymous charities between August and December. Based on the stock prices on the days they were donated, the total value of the stock was approximately $1.9 billion.
While his electric car company was facing increased competition from across the industry, investors in Tesla were worried that he was devoting too much time to Twitter, which he acquired in October.
Musk announced in December that he would step down as CEO of the social media site once he found someone “foolish” enough to replace him. A new CEO may not be able to take over until the end of the year, he said this month, because he needs to stabilize Twitter’s finances.
Elon Musk Quick Bio
|Elon Musk Net Worth
|Elon Musk Net Worth In Indian Rupees
|Rs 16,21,252 Crore +
|$ 200 million +
Who Is Elon Musk?
Elon Musk is an American business tycoon, investor, engineer, and inventor of South African descent. Elon Musk is the chairman of Neuralink, CEO of Tesla, Inc., and chief designer of the company’s products. He also started Zip2 and The Boring Company and was the company’s first chairman.
With a fortune of over $187 billion, Elon Musk is among the world’s wealthiest individuals. The dollar equivalent of Elon Musk’s wealth in India is Rs. 16000 Crores. Check out Elon Musk’s biography for more details.
Elon Musk’s Early Professions
Musk got his start in the business world in 1995 when he and his brother Kimbal founded Zip2, which made software for publishing news stories online. When Compaq saw potential in the firm, they bought it in 1999 for close to $300 million.
After selling Zip2, Musk co-founded the online payment service X.com, which evolved into PayPal and was acquired by eBay for $1.5 billion in 2002.
Musk entered the automobile industry in 2004 when he purchased a controlling interest in Tesla Motors, which at the time was involved in the development and production of electric vehicles, energy storage systems, and solar panels.
Successful models like the Tesla Roadster, Model S, Model X, and Model 3 have all been released by Tesla since Musk took over as CEO. Musk co-founded the solar panel installation and energy management firm SolarCity in 2006. Tesla, Inc. paid $2.6 billion to buy SolarCity in 2016.
In addition to his work at Tesla, Musk is the CEO and co-founder of SpaceX, a company that creates cutting-edge rockets and spacecraft. SpaceX’s groundbreaking launches—including the first privately funded liquid-fueled rocket to reach the International Space Station—and plans to colonize Mars have garnered the company widespread attention.
Musk is not only involved in the aerospace and automobile industries, but he also serves as the chairman of Neuralink, a company working on implantable brain-machine interfaces.
Elon Musk’s Income And Assets
Musk is a well-known PayPal investor. Elon Musk’s 13.4 percent stake in Tesla accounts for a sizable chunk of his wealth. He founded SpaceX in 2002 and currently owns about 25% of the company through stock and options. He also runs the popular microblogging service, Twitter. Musk’s passive portfolio is estimated to contain 73% of the company.
As of right now, Elon Musk has more wealth than anyone else on the planet. Bernard Arnault and his family, who run LVMH, have the second-highest combined wealth in the world.
Elon Musk Net Worth
Elon Musk manufactures the components and batteries for the Tesla Electric Cars he runs as CEO of the Tesla Electric Car Company. Musk is also involved in the solar energy industry. Tesla, Musk’s company, has accomplished a great deal.
The value of Tesla’s stock on the market exceeds that of many other automakers. As of this writing, Musk is worth $228 billion, according to Bloomberg.
Some reports claim that despite his considerable wealth, he pays very little in income taxes. Elon Musk established Tesla, a manufacturer of electric vehicles, in 2004.
Elon Musk has stated as a fact that all vehicles of the future will be electric, laying the groundwork for this vehicle. Elon Musk started looking into space because he thinks people will start to settle on other planets in the near future. Space X is the name of his program, and he plans to establish a colony on Mars.
(CNN) Elon Musk is once again the wealthiest person on the planet, according to a Bloomberg survey. In December of last year, Bernard Arnault, CEO of French luxury brand LVMH (LVMHF), dethroned Tesla’s CEO, Elon Musk, making Musk No.