Jobaaj Stories
Tesla founder, billionaire Elon Musk has once again claimed the spot of the world's richest man as his net worth ballooned to $187.1 billion after markets closed on Monday.
In December 2022, the quirky billionaire lost first place to Bernard Arnault, the largest shareholder in the fashion brand LVMH. Musk's net worth had crumbled during 2022 as his decision to acquire Twitter sent both scrips tumbling down.
He had entered the Guinness Book of World records as the person who lost the most money, a staggering $200 billion!
Tesla's stock was one of the best-performing and the most valuable automobile company at the beginning of 2022, trading at around $380 per share. However, by the end of 2022, the stock had dropped over 68% to close at $125 per share.
At the beginning of 2023, Musk's net worth was around $137 billion.
So how did he regain it?
The answer to that is Tesla's stock. The EV giant's stock was trading around $108.10 per share on 2nd January 2022 and has been on an uptrend recently.
Tesla's stock has seen a massive 92% surge in value since the beginning of 2023 as the stock closed at $207.63 per share on Monday, up 5.5% in a day!!
After such growth in Musk's stock, his net worth shot up to over $187 billion, gaining 😀$50 billion in 2 months! Presently Bernard Arnault's net worth is at $185.3 billion, while Jeff Bezos is around $117 billion.
Cooling inflation, positive investor sentiment, and robust financial results in the latest quarter are some factors that can be assumed to have assisted the Tesla stock gain some ground.
Moreover, Musk's latest call stated that the company had received larger orders and had found ways to minimise costs. Signs of improving margins have garnered the interest of investors, thereby driving the stock up.
- Aman Agarwal
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