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.

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.

Elon Musk loses over N12trn in 6 hours as Dangote, Rabiu dropped in Billionaire ranking

Elon Musk’s wealth took a significant hit on Thursday, October 20, 2023, as the stock market reacted to the release of Tesla’s weak third-quarter financial earnings. Musk, who is Tesla CEO, had a whopping $16 billion (about N12.3 trillion) sliced off his net worth during 6 hours, and 30 minutes (9:30 am to 4 pm) of trading in the US.

Data from Bloomberg shows that Elon Musk, the richest person on the planet, now has a fortune of $210 billion from the $226.1 billion it stood at on Wednesday, October 19, 2023.

Musk owns 13% of Tesla and derives most of his wealth from the auto company.

Tesla’s shares fell by 9.3% after missing quarterly earnings and sales expectations. Other billionaires’ wealth performance While Musk remains the richest man in the world, the massive loss in the last 24 hours has helped Bernard Arnault, the world’s second-richest man, close the gap. Arnault’s net worth increased by $999 million on Thursday to $155 billion.

Also, Jeff Bezos, the third man on the billionaire list, gained $17.9 million, increasing his wealth to $152 billion. Dangote, Rabiu record losses It was also a bad day for Africa’s richest man, Aliko Dangote, as well as Abdulsamad Rabiu, as both of them recorded losses. Data showed that Dangote’s net worth dropped by $492 million (about N375.88 billion) in one day.

As of the end of Thursday, October 20, Dangote was worth $15.8 billion and has slipped down to 110th place on the list of the richest men.

Since the start of 2023, Bloomberg reports that Dangote has lost $2.86 billion of his wealth. Similarly, Abdulsamad Rabiu, Nigeria’s second richest man, also recorded losses of $453 million (about N346.09 billion) in a single day, causing him to drop further in the billionaire ranking. Rabiu’s net worth is now $5.52 billion, which has affected his ranking, causing him to drop three places to 445th in the Bloomberg billionaire ranking.

Tony Elumelu and wife made almost N1bn in hours from one Investment.

Meanwhile, in another report, Tony Elumelu and his wife, Awele Elumelu, demonstrated the importance of marrying a partner with the same vision. The couple made almost N1 billion from their Investment in Transnational Corporation of Nigeria (Transcorp) in just eight hours. Elumelu is a banker and serial investor, while Awele is an accomplished healthcare executive who has distinguished herself in her field.

Join our new WhatsApp community! Click this link to receive your daily dose of NEWS FLASH content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like.

Wordpress Social Share Plugin powered by Ultimatelysocial