Tesla boss Elon Musk maintains the first position as the richest person in the world.
Musk, whose life is chronicled in a recently released biography, experienced the world’s biggest increase in net worth, with an increase from $95 billion to $232 billion at the time of writing, cementing his position as a wealthy man.
That corresponds to a 107% increase in the stock price of his electric car company Tesla.
The billionaire owns about 13% of the electric vehicle maker and holds more than 300 million exercisable options, his personal wealth is closely tied to the company’s stock performance.
At his wealth peak in November 2021, the billionaire’s net worth was $340 billion.
The South African-born billionaire’s $44 billion purchase of Twitter hasn’t helped Tesla stock or Musk’s personal fortune yet.
Musk, Tesla’s largest shareholder, has sold more than $25 billion worth of Tesla shares since his stake in Twitter went public.
However, shares of the world’s most valuable automaker are facing headwinds as Deutsche Bank recently lowered its price target on Tesla shares, warning that the automaker’s profits could This electric vehicle production will face major obstacles in 2024.
The bank reiterated its Buy rating on the stock but reduced its price target on Tesla stock to $285 per share, up 5 points from the previous target of $300.
This is largely due to the bleak production outlook for next year.
The bank predicts that Tesla will report third-quarter deliveries of 440,000 units, below estimates of 455,000 units. That could result in quarterly revenue lower than the bank’s previous estimate, at $23.3 billion, down from $24.1 billion.
At the same time, the bank said earnings per share could fall to $0.71, down from Wall Street estimates of $0.87 per share.
The 52-year-old billionaire is the co-founder of companies such as SpaceX (rocket manufacturer), Tesla (electric car manufacturer), and Boring Company (tunnel startup).
A significant portion of his wealth is linked to the success of Tesla. Musk bought Twitter in October 2022 for $44 billion.
Born in South Africa to an engineer father and a nutritionist mother, Musk left home at age 17 to study abroad in Canada, partly to avoid serving in the South African army during the apartheid era. clan.
After earning degrees in physics and economics from the University of Pennsylvania, he enrolled at Stanford University.
He dropped out of college after a few days to pursue his three main areas of interest: Internet, clean energy, and space.
Elon Musk created an online publishing platform called Zip2 in 1995 and sold it four years later for more than $300 million.
He reinvested part of the profits to launch X.com, an online payment system. He would merge it with PayPal, the e-commerce site that was eventually sold to eBay for $1.5 billion in 2002.
Meanwhile, Tesla is working on upgrading its “gigacasting” technology to pressurize nearly all undercarriage components into a single unit, Shanghai Securities News reported Wednesday citing sources anonymous source close to the automaker.
The Chinese state newspaper, whose article was based on a recent visit to the Tesla factory in Shanghai, did not say when or where the upgrade would take place.
At the Shanghai factory, Tesla’s largest in the world, the company has been moulding the rear of the Model Y since 2020, allowing for a 40% reduction in related costs.
