September 19, 2020

Elon Musk Now the Fifth Richest Person in World.

Elon Musk’s rise to the billionaire’s Forbes list this month, overcoming past stars such as Warren Buffett and Steve Palmer. Musk’s net revolution exceeded $ 74 billion as of Monday afternoon, which means that he is now the fifth richest person in the world.

Musk is CEO of SpaceX and Tesla, the electric car company for about 49 years whose share price has risen since March.

Tesla shares gained another 9.5% in trading on Monday to $ 1,643.00, achieving a 60% increase in just 3 weeks since June 29, and nearly 300% in 2020 to date.

Tesla is not only now the most valuable car company in the world, with a market value of $ 304.5 billion, but also more than the value of the companies of Ford, Ferrari, General Motors and BMW combined.

Musk was ranked 31st on the Forbes list of billionaires in mid-March, with a net worth of just under $ 25 billion.

Forbes estimates that the value of his wealth has nearly tripled since then, rising to $ 74.2 billion at the end of trading on Monday.

Musk owns 21% of Tesla, but he has pledged more than half of his equity loan guarantee. Forbes trimmed its stake to take loans into account.

Musk first appeared on the Forbes list of the 400 richest Americans in 2012 in 190th place with a net worth of $ 2.4 billion. On January 1 this year, he was ranked 37th as the richest person on earth. However, Tesla’s surprising and surprising rise took him to the top near the world’s richest people.

The rise of Tesla confused some investors, considering it to be much smaller than its competitors, and just starting to post quarterly earnings. Tesla produced 103,000 vehicles in the first quarter, while Toyota produced 2.4 million vehicles during the same period. American automakers, General Motors and Ford, achieved in 2019 10 times more sales than Tesla.

Analysts at Morgan Stanley warned late last month that Tesla’s stock, which was trading at $ 1,000 a share at the time, was “overvalued and preparing to fall”. Elon Musk said earlier this month that Tesla would produce fully automated self-driving cars by the end of 2020, a claim which was met with skepticism by the auto industry, which has grown accustomed to Musk’s noise about the capabilities of autonomous driving technology. Musk has not sold shares in Tesla since 2010.

He sent an email to Forbes about his net worth earlier this month saying: “I don’t care about this topic, because these numbers go up and down, but what really matters is making great products that people love.”

Analyst Jim Kramer tweeted on Monday afternoon: “The moves we’re seeing in Microsoft, Tesla and Amazon stocks are really illogical and different from anything I’ve seen in my life.” When asked if Tesla was a stock related to Covid-19, Kramer replied: “I don’t even know if it’s a stock. It’s just another thing, like a new species discovered in the wild.”

When Kanye West initially announced his candidacy for the presidency, he said he got “full support” from Mask, a longtime close friend. Musk responded in a tweet since then deleted: “We may have more differences of opinion than I expected.” But Musk later said to Page Six: “Kanye then explained some of the reasons behind saying what he said.
It makes more sense than many people, including me, understood.” On 4 July, Musk tweeted: “You have my full support!”