June 4, 2023
Elon Musk

Tesla’s stock price rose 70%, and now Musk is the richest man in the world | TechNews Tech News

Tesla's stock price rose 70%, and now Musk is the richest man in the world again

Tesla CEO Elon Musk ceded the title of the world’s richest man to Bernard Arnault, founder of luxury goods group LVMH, in December last year, but Musk resigned as Tesla’s stock price has risen nearly 70% this year. Back to the throne of the richest man in the world.

According to “Bloomberg”, Tesla’s stock price has risen nearly 70% this year, and it has risen by about 100% from its intraday low on January 6; Signs of recovery, coupled with a slowdown in the pace of rate hikes by the U.S. Federal Reserve, have put a renewed weight on riskier growth stocks. And after Tesla lowered the prices of several models, the company also benefited from the market’s demand for electric vehicles.

According to the Bloomberg Billionaires Index, Tesla’s stock price rose 5.5% to $207.63 at 4 pm New York time on the 27th, pushing Musk’s net worth to $187.1 billion in one fell swoop, surpassing Bernard’s. Arnault’s $185.3 billion.

With a net worth of US$137 billion at the start of 2023, Musk is the first person ever to lose more than US$200 billion in property, according to Bloomberg. The top position of the Marriott Index was replaced by Bernard Arnault for more than 2 months.

Investors in Tesla have been worried that Musk spent too much time on Twitter, and Tesla was also facing competition in the overall electric vehicle market industry at the time. However, Musk said in December last year that once he found someone “stupid” enough to take over Twitter, he would resign from his position at Twitter.

However, Musk said this month that he may need to stabilize Twitter’s financial situation by the end of this year before handing over the job to the next chief executive.

(Source of the first image:Twitter

Ewen Eagle

I am the founder of Urbantechstory, a Technology based blog. where you find all kinds of trending technology, gaming news, and much more.

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