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After half a year, Tesla CEO Elon Musk (Elon Musk) regained the title of the world’s richest man. As of the close of U.S. stocks on Wednesday, Tesla’s stock price rose 1.38% to $203.93, an increase of 88.65% so far this year. Thanks to the soaring Tesla stock price, Musk’s wealth has increased by more than 55.3 billion U.S. dollars this year.
Meanwhile, shares in luxury goods giant LVMH, owned by former world richest man Bernard Arnault, fell 2.6 percent in Paris on Wednesday. Confidence in a thriving luxury sector is starting to fade amid growing signs of slowing economic growth. Shares of LVMH have fallen about 10 percent since April, with Arnault at one point wiping $11 billion off his net worth in a single day.
Musk’s current net worth is about $192.3 billion, while Arnault’s is about $186.6 billion, according to the Bloomberg Billionaires Index.
In fact, since Musk surpassed Amazon founder Bezos to become the world’s richest man in September 2021, he has been at the top of the Forbes rich list for a long time.
However, Tesla’s shares tumbled more than 65% last year as rising interest rates dampened investor appetite for risky investments, while investors worried that Musk was too “distracted” after buying Twitter.
Because of this, Musk suffered heavy losses last year and lost the title of the world’s richest man in December, which was replaced by Arnault.
But since the start of the new year, investors have been buoyed by growing confidence that rate cuts are imminent, as well as by a global boom in artificial intelligence, giving tech stocks a big boost and Wall Street analysts voicing optimism.
“Overall, Tesla is well positioned to benefit significantly from generative artificial intelligence applied to its product suite and business model, leading to further earnings growth,” Wedbush analyst Dan Ives wrote in a note. accelerate.”
“Wall Street Goddess of Stock Market” Mu Mujie even made a bold statement before, saying that after updating her Tesla pricing model, it is estimated that under the baseline scenario, Tesla’s expected value per share in 2027 will reach US$2,000, which is quite reasonable. About 12 times the closing price of the day.
Source: Financial Associated Press
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