Text | siladitya ray
Tesla's share price rebounded slightly on Monday after a sharp increase last week, allowing Elon Musk to regain the title of the world's richest man in place of Bernard Arnault, the chief executive of France's LVMH Group.
Key facts
According to Forbes' real-time billionaires list, Musk's net worth increased by $5.5 billion on Monday, bringing his fortune to more than $210 billion.
Arnault, 74, is a close second, with an estimated net worth of $208.5 billion.
On Monday, Tesla's stock price fell by nearly 42%, up to 190$93. Tesla's stock price fell as low as $180 last week as quarterly earnings fell short of expectations.
Last week, LVMH's shares soared more than 13% on Friday after it reported strong sales results for 2023, and Arnault's net worth soared with it, surpassing Elon Musk's.
Amazon founder Jeff Bezos is third on the real-time billionaires list, with an estimated fortune of $183.4 billion.
Big numbers
23.14%。This is how much Tesla has been valued since the beginning of 2024. Tesla's stock price slipped after last week's earnings report and Musk's public request for more voting control of the company.
Key Context
Last week, Tesla announced its fourth-quarter 2023 earnings report, with a 23% drop in annual profits, and Tesla's stock price and Musk's net worth followed**. The electric vehicle maker reported quarterly sales of $25.2 billion and earnings per share of 0$71, below analysts' expectations of $25.6 billion and $0$73. The week before, Musk took a hit after he threatened to start manufacturing advanced artificial intelligence and robotics products outside of Tesla unless he received 25% of the voting rights. The billionaire owns about 13% of Tesla** (22% if you include options), and he believes that lower voting power means"It's [too] easy to be bought by suspicious interests"。
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