Elon Musk’s wealth grows by $95 billion as Tesla stock is up by 107% this year

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.

Tesla CEO Elon Musk maintains a high position as the richest person in the world.

Musk, whose autobiography and autobiography were recently published, experienced the largest increase in his net worth in the world, from $95 billion to $232 billion at the time of writing, and – make his position very rich. This corresponds to a 107% increase in the share price of his electric car company Tesla.

The billionaire owns about 13% of the electric car maker and holds more than 300 million exercise options; Personal wealth is closely related to the company’s marketing performance. At its peak in November 2021, the value is $340 billion.

The South African billionaire’s $44 billion purchase of Twitter hasn’t helped Tesla shares or Musk’s fortune. Musk, a Tesla shareholder, has sold more than $25 billion of Tesla stock since his stake in Twitter became public.

However, shares of the world’s most valuable carmaker are facing a downward spiral as Deutsche Bank recently cut its price target on Tesla shares, warning that the carmaker’s profits cars may have a big problem with the production of electric cars in 2024. The bank reiterated its buy rating on the stock but lowered its price target on Tesla stock to $285 per share, up 5 points from the original target of $300.

This is largely due to poor production prospects for next year. The bank expects that Tesla will announce the delivery of 440,000 units in the third quarter, under the estimate of 455,000 units. This could push revenue for the quarter lower than the bank’s previous estimate of $23.3 billion, down to $24.1 billion. At the same time, the bank said that earnings per share could fall to $0.71, down from Wall Street’s estimate of $0.87 per share.

The 52-year-old billionaire is the founder of companies such as SpaceX (rocket manufacturer), Tesla (electric car manufacturer) and the Boring Company (tunnel startup). An important part of his wealth is connected 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 the age of 17 to study in Canada, in part to avoid serving in the South African army in the apartheid era. . race. After earning a degree 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: the Internet, clean energy, and space. Elon Musk created an online platform called Zip2 in 1995 and sold it four years later for over $300 million.

He reinvested part of the profits to start X.com, an online payment system. It will merge with PayPal, the e-commerce giant that was later sold to eBay for $1.5 billion in 2002.

Meanwhile, Tesla is working to improve its “gigacasting” technology to force almost all transmissions into a single unit, Shanghai Securities News reported on Wednesday citing unnamed sources close to the automaker. China’s state-run newspaper, whose report was based on a recent visit to Tesla’s factory in Shanghai, did not say when or where the upgrade would take place.

In Tesla’s Shanghai factory, the largest in the world, the company has been shaping the back of the Model Y since 2020, allowing a 40% reduction in the associated costs.