The world’s richest person just got even richer – Elon Musk is quarter-way to becoming a trillionaire, once more

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• Elon Musk’s net worth has risen above $250 billion, and Tesla shares have soared 136% in the past year.
• The value of Tesla is directly linked to the personal wealth of the entrepreneur, who owns around 13% of its stock.
• Last year, he became the first person to ever lose over $200 billion dollars.

Elon Musk has already reached a quarter of his way to becoming a billionaire, for at least this week.

Thanks to favorable market conditions, the world's wealthiest man has just gotten even richer. According to Bloomberg Billionaires Index's latest figures, the Tesla and SpaceX CEO's net wealth now stands at $255 billion. This puts him ahead of LVMH's Bernard Arnault, as investors continue pouring cash into Tesla.

This week, the EV maker's stock topped $290, bringing its market capitalization to $900 billion. Musk owns 13% of this staggering figure and has over 300 million options. His personal fortune is therefore inextricably linked to the performance of the company's stock market.

Investors' excitement about the growth of generative AI has boosted the entire equity markets this year, and the stock's impressive rebound in 2023 is no exception. The rally has propelled Musk's personal wealth into the stratosphere, making him the world's sole quarter-trillionaire.

Musk's net worth has been in this situation before. In November 2021, the year when Tesla shares reached an all-time peak, it was estimated to be $340 billion. Eight months later, his net worth dropped to $125 billion. The businessman was then inducted into the Guinness World Records as the person who lost the most money in a single year (between $180 and 200 billion). Ouch.

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By: jwilkins@insider.com (Joseph Wilkins)
Title: The world’s richest person just got even richer – Elon Musk is quarter-way to becoming a trillionaire, once more
Sourced From: markets.businessinsider.com/news/stocks/elon-musk-wealth-billionaires-tesla-stock-quarter-way-to-trillionaire-2023-7
Published Date: Thu, 20 Jul 2023 08:56:05 +0000

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