TOPLINE
Elon Musk’s meteoric rise Forbes The list of billionaires has continued this month as it has ascended to previous luminaries such as Warren Buffett and Steve Ballmer. As of Monday afternoon, Musk’s net worth has exceeded $ 74 billion, meaning he is now the fifth-richest person on the planet.
SpaceX founder Elon Musk celebrates after the successful launch of the SpaceX Falcon 9 rocket at … [+]
KEY FACTS
Musk, 49, is the CEO of SpaceX and Tesla, the electric vehicle company whose share price has skyrocketed since March.
Tesla shares gained another 9.5% in trading Monday at $ 1,643.00, giving it a 60% increase in just three weeks from June 29, and a nearly 300% increase in 2020 alone.
Musk was ranked number 31 on the Forbes billionaires list recently in mid-March, with a net worth of just under $ 25 billion.
His fortune has nearly tripled since then, shooting up to $ 74.2 billion at the close of business on Monday, Forbes calculate
Musk owns 21% of Tesla but has pledged more than half of his stake as collateral for loans; Forbes has discounted its participation to take into account the loans.
Key Background:
Musk first debuted on Forbes’ Top 400 Richest Americans in 2012 at number 190 with a net worth of $ 2.4 billion. On January 1 of this year, she was the 37th richest person in the world. However, Tesla’s sudden and spectacular rise has propelled him close to the top of the world’s richest humans. The Tesla surge has confused some investors as it is much smaller than its competitors and only recently began posting quarterly earnings. Tesla produced 103,000 vehicles in the first quarter; Toyota produced 2.4 million vehicles during that same period. In 2019, U.S. automakers General Motors and Ford generated ten times more sales than Tesla. Late last month, analysts at Morgan Stanley warned that Tesla’s shares, which were trading at approximately $ 1,000 a share at the time, were “overvalued and collapsed.” Earlier this month, Musk said Tesla would produce virtually fully autonomous autonomous vehicles by the end of 2020, a claim that was met with skepticism by an auto industry accustomed to a Musk rampage about the capabilities of autonomous driving technology. . Musk has not sold Tesla shares since 2010.
Critical quotes:
“I really couldn’t care less,” Musk e-mailed Forbes about his net worth earlier this month. “These numbers are increasing and decreasing, but what really matters is making great products that people love.”
“Movements like the ones we are seeing at Microsoft and Tesla and Amazon are really crazy and different from anything I’ve ever seen,” analyst Jim Cramer tweeted Monday afternoon. When asked if Tesla was a ‘Covid Stock’, Cramer replied, “I don’t even know if it’s a stock. It’s something completely different, like a new species discovered in the wild.”
Tangent:
When Kanye West initially announced that he was running for president, he said he had the “full support” of Musk, a longtime close friend. In a deleted tweet, Musk replied, “We may have more differences of opinion than I expected.” However, Musk later told Page Six: “Kanye later explained some of the reasoning behind why he said what he said. It makes more sense than many people, including me.” On July 4, Musk tweeted, “You have my full support!”
Further reading:
Elon Musk: Tesla will have Tier 5 autonomous cars this year (Forbes)
Tesla is now the world’s most valuable automotive company with a valuation of $ 208 billion (Forbes)
Tesla stocks may be going up for this absurd reason, and this won’t end well (Forbes)
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