Podium | Tesla CEO Elon Musk briefly reclaimed his throne as the world’s richest man on Thursday (June 8), snatching the title from LVMH boss Bernard Arnault. Tesla shares hit their highest level this year.
Tesla stock has it by 4.6% To reach $235 per share in Thursday trading, marking its gains for the tenth day in a row. Elon Musk’s business is on track to reach its highest closing price since October 6, 2022.
After hitting a two-year low in early January, Tesla stock has soared by approximately 115%, It is the third highest return of any company in the S&P 500, which is up 12% this year.
This rise allowed Elon Musk to become again, albeit for a short time, the richest person on the planet, according to calculations. Forbeswhich puts Elon Musk’s net worth at $220.2 billionor $4.2 billion more than Bernard Arnault at the market close.
On Wednesday, Elon Musk briefly overtook Bernard Arnault for the first time since December, but reverted to second place at the close of the market.
Despite the continued rally, Tesla stock is still less than 40% above $410 per share in November 2021, well below the 6% loss the S&P recorded during this period.
After surging soaring during the pandemic, Tesla stock plunged last year as investors became disillusioned with the company’s promises of nearly unlimited growth and Elon Musk’s takeover of Twitter. Wall Street began to restore confidence in Tesla after the company reported record quarterly earnings and profits in January, leading to a recovery that gradually accelerated when Elon Musk found a replacement as CEO. CEO of Twitter and playing the game with lawmakers in the US, China and elsewhere.
Tesla, which accounts for the majority of Elon Musk’s wealth, may be booming, but Twitter is going through a darker time as the billionaire seeks to turn the company into the most valuable company in the world. the The New York Times It reported on Monday that its Twitter advertising revenue down 59% in April compared to a year earlier, while Fidelity said last week it values Twitter at about $15 billionroughly a third of the price paid by Elon Musk last year.
Translated article from the American magazine Forbes – Author: Derek Saul
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