Elon Musk Becomes $10 Billion Richer After Tesla Stock Shoots Up 6%

Forbes2023-10-05

TOPLINEElon Musk, the world’s richest man, grew his net worth by $10.5 billion Wednesday, a 4.2% increase, on the back of an approximately 6% jump in Tesla’s stock, which comprises a vast majority of ...

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AndyYap
2023-10-05
AndyYap
Down 5% still richer?
FGP
2023-10-05
FGP
Thank you all investors 🤩🤩🤩🤭

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[+]GETTY IMAGES FOR THE MET MUSEUM/VOGUEKEY FACTSTesla’s 5.9% increase brought the share price to about $261 for the stock when markets closed Wednesday afternoon.This comes despite a report released Monday that showed a 7% decline in vehicle deliveries during the third quarter, something the company blamed on factories being temporarily shut down for upgrades.Still, investors bet on a fourth-quarter rebound with the launch of a revamped Model 3 car in China and the expected launch of the Cybertruck, according to Investor’s Business Daily.KEY BACKGROUNDMusk first jumped into the top spot on Forbes’ Billionaires List in September 2021. “I’m sending a giant statue of the digit ‘2’ to Jeffrey B., along with a silver medal,” he told Forbes after overtaking Amazon’s Jeff Bezos—who, with a $149.8 billion estimated net worth, is now No. 3—for the spot. Recently, he and French fashion mogul Bernard Arnault have been flipping back and forth between the No. 1 and No. 2 spots, though Musk has maintained his spot as No. 1 in recent weeks. Around $170.6 billion of his $260.4 billion net worth comes in the form of Tesla stock. Other significant assets include his 42% stake in SpaceX, which amounts to $60.2 billion, and his acquisition of Twitter in October 2022, which is now worth $8.9 billion (he purchased the social media platform for $44 billion). Forbes estimates he has $5.2 billion in cash and other liquid assets.TANGENTMusk has given away a meager fraction of his wealth to charitable causes, Forbes has found. Forbes estimates Musk, who signed the Giving Pledge in 2012, has donated $281 million over his lifetime to charitable causes, which is less than 1% of his net worth as of September 2023. Though, he’s not alone among America’s richest in his lack of philanthropy. 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