Recently, after achieving a new milestone, Tesla CEO Elon Musk has become the richest person globally.
In the latest report about the billionaire’s life, it was reported that Musk's earnings increased by $95 to total his net worth at $252.6 billion, placing him as the richest man in the world. This revenue was a result of the 107% increase in Tesla's stock price.
Presently, Musk owns about 13% of the stock at Tesla, which shows that the billionaire's wealth is linked to the performance of the stock price at Tesla.
Back Story
In September 2021, Elon Musk became the richest man in the world. That same year, in November, Musk's net worth skyrocketed to $340 billion, cementing his position as the richest person globally and gaping his counterpart.However, after he acquired Twitter on October 27, 2022, for $44 billion, his net worth didn’t recover early enough because X, formerly Twitter, didn’t help Tesla's stock or Musk's fortune.
Every since his acquisition Musk has sold more than $25 billion worth of Tesla shares since his stake in Twitter went public.
However, it hasn’t been a good start for Tesla this year due to the reduced price target of Tesla shares by Deutsche Bank, showing that Tesla production will witness 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.
Read more: https://www.investingport.com/elon-...illion-as-tesla-stock-is-up-by-107-this-year/