Musk’s fortune, closely tied to his 20.5% stake in Tesla, has fluctuated considerably in recent years.
Despite the latest rebound, the SpaceX CEO has seen his personal wealth fall by $27.5 billion since the start of the year, according to Bloomberg data, while Tesla shares have been on a downward trend.
Automaker stocks fell earlier this month as investors reacted to lower-than-expected first-quarter vehicle deliveries and reports that Musk abandoned plans to build a $25,000 electric vehicle before launch after promising to accelerate the development of cheaper models within the company. call for results.
Shares were up 12% at the open Monday following Elon Musk’s surprise trip to China, which Wedbush analyst Dan Ives called a “home run,” although they are still down almost 22% since the start of the year.
Musk is also still much less wealthy than he was in 2021, when he topped the Billionaires Index with an estimated fortune of $340 billion. Three years later, he now joins LVMH boss Bernard Arnault and Amazon founder Jeff Bezos with a current net worth estimated at $202 billion.
Musk has had a rough few months. Tesla briefly lost its crown as the world’s largest electric vehicle producer to Chinese newcomer BYD, and laid off more than 10% of its global workforce earlier this month.
The electric vehicle giant also faced a high-profile recall of nearly 4,000 Cybertrucks the company has delivered so far, and reported falling profits in its latest results amid a brutal price war for electric vehicles.
But Musk has proven adept at turning bad news into stock price rises in the past, raking in $100 billion last year despite ongoing problems at social media site it seems he was able to do it again.
Tesla did not immediately respond to a request for comment made outside of normal business hours.
businessinsider
