2023-06-09 14:51:56
PODIUM | Tesla CEO Elon Musk briefly reclaimed his throne as the world’s richest man on Thursday (June 8), snatching the title from LVMH chairman Bernard Arnault. Tesla shares hit their highest level of the year.
L’action Tesla a increased by 4.6% to hit $235 per share in Thursday’s trading, marking its tenth consecutive day of gains. Elon Musk’s business is on course for its highest closing price since October 6, 2022.
After hitting a two-year low in early January, Tesla stock has increased by almost 115%, which is the third-highest return of any company in the S&P 500, which is up 12% this year.
This rise allowed Elon Musk to once once more become, albeit briefly, the richest personality on the planet, according to the calculations of Forbeswhich puts Elon Musk’s net worth at $220.2 billionor 4.2 billion dollars more than that of Bernard Arnault at the close of the market.
On Wednesday, Elon Musk therefore briefly overtook Bernard Arnault for the first time since December, but he is fell back to second place at market close.
Despite the sustained rally, Tesla stock remains more than 40% below the high of $410 per share reached in November 2021, which is significantly lower than the 6% loss recorded by the S&P index during this period. .
After surging during the pandemic, Tesla stock slumped last year as investors grew disillusioned with the company’s promises of near-limitless growth and Elon Musk’s takeover of Twitter. Wall Street began to regain confidence in Tesla following the company reported record quarterly revenue and profit in January, sparking a recovery that gradually accelerated as Elon Musk found a replacement as CEO. CEO of Twitter and played the game with lawmakers in the United States, China and elsewhere.
Tesla, which accounts for the majority of Elon Musk’s fortune, may be booming, but Twitter is having a much darker time as the billionaire strives to turn the company into the world’s most valuable company. world. THE New York Times reported on Monday that Twitter’s revenue has down 59% in April compared to the previous year, while Fidelity said last week that it valued Twitter at around $15 billionalmost a third of the price paid by Elon Musk last year.
Article translated from Forbes US – Author: Derek Saul
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