Elon Musk is now the fifth richest person in the world

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TOPLINE

La fulgurante ascension d’Elon Musk Forbes Billionaire List continued this month, as it walked past such luminaries as Warren Buffett and Steve Ballmer. As of Monday afternoon, Musk’s net worth exceeded $ 74 billion, meaning he is now the fifth richest person on the planet.

HIGHLIGHTS

Musk, 49, is the CEO of SpaceX and Tesla, the electric vehicle company whose share price has skyrocketed since March.

Tesla shares gained an additional 9.5% in Monday’s trading session at $ 1,643.00, giving it a 60% increase in just three weeks since June 29 and an increase of nearly 300% in just ‘in 2020.

Musk was ranked No. 31 on Forbes’ billionaire list as recently as mid-March, with a net worth of just under $ 25 billion.

His fortune has nearly tripled since then, reaching $ 74.2 billion at the close of trading on Monday, Forbes calculate.

Musk owns 21% of Tesla but has pledged more than half of his stake as collateral for loans; Forbes updated its stake to account for the loans.

Key context:

Musk debuted on Forbes’ 400 Richest Americans list in 2012 in 190th place with a net worth of $ 2.4 billion. On January 1 of this year, he was the 37th richest person in the world. However, Tesla’s sudden and dramatic rise propelled him close to the top of the world’s richest humans. Tesla’s surge has baffled some investors, considering it to be much smaller than its competitors and only recently started recording quarterly profits. Tesla produced 103,000 vehicles in the first quarter; Toyota produced 2.4 million vehicles during this same period. In 2019, US automakers General Motors and Ford generated ten times more sales than Tesla. At the end of last month, analysts at Morgan Stanley warned that Tesla stock, which was trading at around $ 1,000 a share at the time, was “vastly overvalued and on the verge of plunging.” Earlier this month, Musk said Tesla would produce nearly fully autonomous autonomous vehicles by the end of 2020, a claim that has been met with skepticism by an auto industry accustomed to Musk’s hype about the capabilities of autonomous driving technology. . Musk hasn’t sold Tesla shares since 2010.

Critical quotes:

“I really don’t care,” Musk emailed Forbes about his net worth earlier this month. “These numbers go up and down, but what really matters is making great products that people love. ”

“Movements like the ones we see at Microsoft, Tesla and Amazon are really insane and unlike any I’ve seen in my life,” analyst Jim Cramer tweeted Monday afternoon. When asked if Tesla was a ‘Covid stock’, Cramer replied, ‘I don’t even know if it’s a stock. It’s quite another thing, like a new species discovered in nature ”.

Tangent:

When Kanye West first announced he was running for president, he said he had the “full support” of Musk, a longtime close friend. In a tweet since deleted, Musk replied, “We may have more differences of opinion than I anticipated. However, Musk later told Page Six, “Kanye subsequently explained some of the reasons he said what he said. This makes more sense than a lot of people, including me, realized. On July 4, Musk tweeted, “You have my full support!” “

Further reading:

Elon Musk: Tesla will have Level 5 self-driving cars this year (Forbes)

Tesla is now the world’s most valuable automobile company with a value of $ 208 billion (Forbes)

Tesla Stock may rally for this absurd reason – and it won’t end well (Forbes)

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