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Elon Musk’s Fortune Soars By US$ 100 Billion Since April, With The Help Of Tesla Stock Appreciation, And Now His Wealth Surpasses Giants Like McDonald’s And Pepsi In The Global Market.
After a challenging start to the year, Elon Musk, CEO of Tesla, is back in the spotlight in the global economic landscape. His fortune, which had seen a significant decline, is on the rise again, reinforcing his status as the richest man in the world.
At the beginning of 2023, Musk saw his net worth plummet drastically from US$ 229 billion to US$ 164 billion in April, a massive decline of US$ 65 billion.
The cause of this huge drop was the gigantic fall of Tesla shares, which depreciated by more than 40% during the period.
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BRICS countries lead the world ranking in hours worked, with India, China, Russia, and Brazil at the top of the list, while Germans work nearly a thousand hours less per year and earn much more.
However, in a huge turnaround, Tesla shares surged by over 80% since the lowest point in April, leading to an increase of more than US$ 100 billion in Musk’s wealth, which reached US$ 270 billion.
The spectacular recovery of Elon Musk’s fortune reversed the negative trajectory the entrepreneur was facing, transforming him from the biggest wealth loser in the world in April to the fourth biggest gainer, with an increase of US$ 41 billion.
Only three other magnates surpassed his growth: Mark Zuckerberg, CEO of Meta; Jensen Huang, CEO of Nvidia; and Larry Ellison, co-founder of Oracle.
Elon Musk, The Richest Person In The World
Musk continues to be the richest person on the planet, with a fortune that now surpasses corporate giants like Salesforce (US$ 262 billion), PepsiCo (US$ 233 billion), and McDonald’s (US$ 216 billion).
Even Jeff Bezos, founder of Amazon, who currently has a fortune of US$ 215 billion, and Zuckerberg, with US$ 202 billion, remain behind Musk.
It’s important to remember that Musk was once much wealthier. In November 2021, his net worth reached a record US$ 340 billion.
Since then, Tesla shares have fallen by almost 40%, resulting in a loss of about US$ 70 billion from the peak of his fortune.
What Explains The Recovery
The rebirth of Elon Musk’s fortune is directly linked to renewed optimism not only regarding Tesla but also towards the stock market and the economy of the United States.
Recently, the FED made its first interest rate cut after raising them from nearly zero to over 5% in less than 16 months.
This reduction eased fears of inflation and recession, propelling the stock markets to new heights and strengthening investor confidence.
In 2023, Elon Musk warned that high prices and elevated interest rates posed a significant risk to his company.
With less purchasing power, consumers faced difficulties in acquiring new vehicles, and Tesla felt the impact.
The rise in borrowing costs and financing restrictions made buying new cars more challenging for many, causing customers to delay purchasing decisions until the economy showed signs of recovery.
However, the interest rate cut and a broader economic recovery alleviated some of these concerns.
In April, Tesla faced a turbulent period, with mass layoffs and disappointing delivery numbers in the first quarter.
These factors, combined with price cuts that worried investors about shrinking profit margins and increased competition from rivals like the Chinese BYD, temporarily sank Tesla’s shares.
With improved economic conditions, investors began to show more optimism, boosting Tesla’s recovery and, consequently, Musk’s fortune.
Will Elon Musk Be A Trillionaire?
In addition to his involvement with Tesla, Musk also owns parts of other cutting-edge companies.
His approximately 42% stake in SpaceX, a rocket company valued at US$ 210 billion in June, is one of the cornerstones of his vast fortune.
He also has stakes in companies like Neuralink, xAI, and The Boring Company, all operating in innovative areas with great growth potential.
Musk’s vast business empire, which spans from electric vehicles to space rockets and miniature brain implants, may place him on the path to become the world’s first trillionaire.
According to Informa Connect Academy, Musk is on track to reach this milestone by 2027, with his net worth growing at an average rate of 110% per year.
However, Musk faces competition for this goal. Jensen Huang, CEO of Nvidia, whose net worth is estimated at US$ 104 billion, may become a trillionaire by 2028, propelled by Nvidia’s meteoric rise in the artificial intelligence market.
The possibility of Musk becoming the first trillionaire in the world depends largely on the future of Tesla. The electric vehicle company founded by Musk has already established itself as the most valuable in the automotive sector, with a market valuation of around US$ 710 billion — more than corporate giants like Coca-Cola, Bank of America, and Boeing combined.
Tesla is Musk’s largest asset, with a nearly 13% stake in the company, valued at about US$ 93 billion.
Additionally, Musk holds 303 million stock options, part of his controversial compensation package, which was the subject of legal challenges but ultimately approved by shareholders.
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