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Updated January 30, 2024, 1:14 a.m. EST
top line
Elon Musk has overtaken French billionaire and LVMH CEO Bernard Arnault as the world’s richest person, as Tesla shares rebounded slightly on Monday after plummeting last week. I got my title back.
important facts
Mr. Musk’s net worth increased by $5.5 billion on Monday, bringing his estimated net worth to more than $210 billion, according to Forbes’ Real-Time Rich List.
Arnault, 74, remains a close second, with an estimated net worth of $208.5 billion.
Mr. Musk’s fortune soared as Tesla’s stock rose nearly 4.2% to $190.93 on Monday, after falling to $180 last week following a weaker-than-expected quarterly profit.
Mr. Arnault overtook Mr. Musk last week after LVMH shares soared more than 13% on Friday following the announcement of strong 2023 sales.
Amazon founder Jeff Bezos is a distant third on the real-time billionaires list, with an estimated fortune of $183.4 billion.
big number
23.14%. How much has Tesla’s stock price fallen since the beginning of 2024? The downturn follows last week’s earnings report and Mr. Musk’s public demands for greater voting rights within the company.
Main background
Tesla’s stock price and Musk’s fortune plummeted last week after the company announced a 23% annual profit decline in its fourth quarter of 2023. The electric vehicle maker reported revenue of $25.2 billion and earnings per share of $0.71 for the quarter, which fell short of analysts’ expectations. Estimates are $25.6 billion and $0.73. A week earlier, the company’s stock price fell after Musk threatened to start developing advanced AI and robotics products outside Tesla unless he was given 25% voting rights. The billionaire owns about 13% of Tesla stock (22% including options) and argued that the reduction in voting rights represented a “takeover with dubious benefits.” [is] Too easy. “
References
Bernard Arnault overtakes Elon Musk as the world’s richest person (Forbes)
Tesla stock heads for eight-month low with annual profit down 23% (Forbes)
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