Elon Musk closes 2023 with $92bn profit

Elon Musk ends the year with a whopping $92 billion in year-to-date earnings in 2023, indicating a comeback for the world’s wealthiest person.

According to the Bloomberg Billionaires Index, his puts Elon Musk at the top of the list, leading the pack of the combined net worth of the 500 richest people, which totals $1.5 trillion, a $1.4 trillion gain from the previous year.

These individuals’ fortunes closely paralleled the performance of technology stocks, which reached historic highs despite fears of an approaching recession, persistent inflation, high interest rates, and geopolitical uncertainty.

The wealth of tech billionaires increased by 48%, totaling $658 billion, fueled by the excitement surrounding artificial intelligence.

Among this select group, Elon Musk reclaimed the title of world’s richest person, edging out French luxury billionaire, Bernard Arnault.

By the end of Thursday, Tesla Inc.’s CEO had amassed an additional $95.4 billion, fueled by the triumphs of both Tesla and SpaceX, effectively recovering from a $138 billion loss in 2022.

Musk’s net worth now exceeds Arnault’s by more than $50 billion, as LVMH Moet Hennessy Louis Vuitton SE shares fell due to a global drop in luxury goods demand.

Elon Musk’s notable $92 billion fortune increase year-to-date, reaching a valuation of $229 billion, occurred against the backdrop of controversy surrounding his social media activities, including an antisemitic remark that forced big sponsors such as Walt Disney, Sony, and IBM to sever ties with the platform.

Despite obstacles, Musk’s Tesla reached significant milestones in the first three quarters, tripling its shares and breaking its previous annual sales record.

However, the business suffered setbacks due to lowered prices to encourage demand in the face of increased competition in the electric vehicle sector, placing pressure on Tesla’s profit margins.

Simultaneously, the founder of Amazon.com Inc.,  Jeff Bezos, increased his fortune by more than $70 billion, putting him in a close competition with Arnault for second place.

The CEO of Meta Platforms Inc., Mark Zuckerberg, saw his wealth rise by more than $80 billion.

However, not everyone enjoyed an increase in wealth. Following the devaluation of the Adani Group by short-seller Hindenburg Research, Indian billionaire Gautam Adani had a severe setback, losing $21 billion on January 27 alone and a total of $37.3 billion for the year. Despite this, Adani still controls a sizable 11-figure fortune.

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