Tesla’s exchange rate directly drove Musk’s wealth down. Now he must abdicate as the richest man in the world.
So far this year, Elon Musk, who owns much of his fortune in Tesla stocks, has amassed his fortune by $107 billion. And according to Wednesday, it’s $164 billion Bloomberg Billionaires Index.
According to the index, Frenchman Bernard Arnault is now the richest person in the world, with an estimated fortune of $171 billion. He controls the French group LVMH, which is behind luxury brands such as Hennessy, Dior, Louis Vuitton, Dom Perignon and Hublot.
So far this year, Tesla’s stake has been reduced by 60 percent. Musk also bought Twitter for $44 billion.
Bloomberg values his shares in SpaceX at $46.9 billion.
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Cheapest Tesla stock ever
According to Bloomberg, Tesla’s stake is now being sold for the cheapest price ever, if you factor the price against the assumed earnings.
According to the website, Tesla is now trading at 29 times its estimated earnings, which should be the cheapest since the company’s IPO in 2010.
Tesla’s market capitalization fell below $500 billion for the first time since 2020.
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Twisted Twitter purchases
Recently, the founder has become an increasingly controversial figure, especially after his acquisition of Twitter.
The acquisition itself was not straightforward either.
Musk first made the $44 billion bid for all of Twitter in late April. A few weeks later, the founder of Tesla announced the suspension of the transaction, opening the door to the implementation of the acquisition at a lower price.
Musk announced this summer that he was canceling the entire acquisition, after the billionaire raised questions about the number of spam users and bots on the platform.
That sparked a lawsuit by Twitter that Musk had to comply with the agreement.
Finally, Musk confirmed in early October that he would move forward with the acquisition of Twitter, on the condition that the lawsuit from Twitter be stopped immediately. The end result was that the acquisition took place at the original price of $54.2 per share.
Tesla shares fell sharply shortly after the acquisition, but rose during October. On October 27, Musk chose to remove Twitter from the exchange.
“Organizer. Social media geek. General communicator. Bacon scholar. Proud pop culture trailblazer.”
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