Elon Musk, currently the wealthiest individual globally, saw his net worth increase by $10.5 billion on Wednesday, marking a 4.2% rise. This surge was primarily due to a roughly 6% spike in Tesla’s stock, which constitutes the bulk of his fortune. As a result, his total wealth now stands at $260.4 billion. Musk secured the top position on Forbes’ Billionaires List in September 2021. After surpassing Amazon’s Jeff Bezos. Key Points:
- Tesla’s stock experienced a 5.9% growth, closing at around $261 per share on Wednesday.
- Interestingly, this growth occurred despite a report on Monday indicating a 7% drop in vehicle deliveries for the third quarter. Tesla attributed this decline to temporary factory shutdowns for upgrades.
- Investors remain optimistic about a potential fourth-quarter surge, especially with the introduction of the redesigned Model 3 in China and the anticipated release of the Cybertruck, as reported by Investor’s Business Daily.
Background Information:
- Musk secured the top position on Forbes’ Billionaires List in September 2021. After surpassing Amazon’s Jeff Bezos, he humorously mentioned sending a statue of the number ‘2’ and a silver medal to Bezos. Bezos, with an estimated net worth of $149.8 billion, currently ranks third.
- Lately, Musk and French fashion tycoon Bernard Arnault have been alternating between the first and second positions. However, Musk has consistently held the top spot in recent times. Approximately $170.6 billion of his $260.4 billion wealth is in Tesla shares. Other notable assets include his 42% ownership in SpaceX, valued at $60.2 billion, and his recent acquisition of Twitter in October 2022, now valued at $8.9 billion (he acquired the platform for $44 billion). Forbes estimates his liquid assets to be around $5.2 billion.
Additional Note:
- Despite his immense wealth, Musk’s charitable donations have been relatively modest. Since signing the Giving Pledge in 2012, Forbes estimates that Musk has contributed $281 million to charitable endeavors, which is less than 1% of his net worth as of September 2023. He is not the only billionaire with limited philanthropic contributions. Among the 400 richest Americans, only a few, including John Arnold, Edythe Broad, Warren Buffett, Bill Gates, Melinda French Gates, Amos Hostetter Jr., Pierre Omidyar, MacKenzie Scott, Lynn Schusterman, Jeff Skoll, and George Soros, have donated over 20% of their wealth.
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