Elon Musk is once again the richest person in the world, according to the Bloomberg Millionaires Index. The tycoon’s fortune has grown by 40% in 2023 to stand at 192,000 million dollars, which allows him to be at the head of the richest people. Since he has already held on different occasions.
Tesla recovers again. It is the main reason for this change. When Tesla shares tumbled late last year, Musk’s position faltered. Musk owns 13% of Tesla, which, taking into account the rise of 24% this month, represents about 83,000 million dollars.
These days Musk is visiting China, one of the most important markets for Tesla and for which he plans to expand the electric car manufacturer’s business.
In November 2022 the shares marked a low of $167, while now they are at $203. Behind the high of $359, but back on the successful path. One of the reasons for the disaster a few months ago was that Musk decided to link Tesla’s stock to the purchase of Twitter.
Bernard Arnault is now the one who suffers the fall. The French magnate who owns the luxury goods group LVMH is the one who is experiencing a situation similar to the one Musk had in November. The owner behind brands like Louis Vuitton, Tiffany & Co and Christian Dior was the one Musk rivaled in fortune, but in late May he lost more than $11 billion in a single day.
Arnault’s fortune is now $187 billion, according to Bloomberg data. In that ranking, Jeff Bezos, founder of Amazon, is third.
Musk’s list of companies is huge. Tesla is his greatest success, but if Musk is the richest in the world, it is also because of the large number of companies he has. In January 2023, Space X secured a new round of funding worth $137 billion. In the case of The Boring Company, the latest data points to a valuation of about 10,000 million dollars.
Neither X.ai nor Neuralink have such large valuations, which for the moment remain in companies of less than 1,000 million dollars and are not considered unicorns. A categorization that in the case of Musk falls short.
Projects like Halcyon Molecular did not end well, while others like OpenAI ended up in the hands of others. “I was a gigantic idiot,” he went on to say of the artificial intelligence company.
And then there’s Twitter, (for the moment) its black mark. While the rest of the companies are a machine to produce money, Twitter is to burn it. Twitter’s revenue reached $5.22 billion in 2022, but that didn’t help it make a profit, as it lost $270 million.
Twitter is a ruin, as Musk himself has recognized. The company has continued to lose money and while in March it was noted that it cost half of the 44,000 million dollars it cost, now it is no longer worth a third.
According to the Fidelity fund, the valuation of Twitter is 15,000 million dollars. A huge fall that, given Musk’s fortune, does not seem to matter too much to his accounts.
Image | GTRES
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