Elon Musk Set to Retake Title of World's Richest as Tesla Shares Soar
- Elon Musk is on track to retake the title of world's richest following the rebound of Tesla shares
- The shares of the electric car manufacturing company have soared more than 70% in the last 14 days
- The Twitter CEO's net worth now stands at $191 billion, leaving a $1 billion gap between him and Bernard Arnault, the wealthiest man in the world
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Tesla CEO, Elon Musk, looks set to retake the title of world's wealthiest man, which he lost to French Billionaire and luxury merchant Bernard Arnault a few weeks ago.
Musk's wealth has been steadily climbing since he made history this year as the first man to lose $200 billion.
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Tesla shares rev up Musk's wealth
Recently, the shares of his electric car company, Tesla, have been on steroids, rising daily with over 70% increase in the last 14 days.
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The rise of Tesla shares has Balooned Musk's wealth again to stand at $191 billion, leaving a $1 billion gap between him and Arnault, whose net worth stands at $191 billion, according to Bloomberg Billionaire Index.
Musk becomes a philanthropic
According to Reuters, Musk donated around $1.95 billion in Tesla shares to charity, a filing with the US Securities and Exchange Commission stated.
He donated about 11.6 million shares between August and December 2022, the filing said but did not name the beneficiary organisations or recipients.
Musk now owns about 13% of Tesla.
In 2021, Musk also donated about $5.74 billion to charity, with analysts saying the billionaire might benefit from donating Tesla shares since share owners do not have to pay taxes on shares given to charity,
According to the foundation's website, he set up the Musk Foundation in 2021, offering grants for developing safe and artificial intelligence to benefit humanity.
Elon Musk loses $3 billion but is still on track to close the gap with World’s richest man, Arnault
Legit.ng reported that after a week of massive gains, the world’s second richest person, Elon Musk, lost $3 billion, about N2.7 trillion, on Friday, February 10, 2023, as investors expressed negative sentiments towards the shares of Tesla, the electric carmaker.
Besides that, the Twitter CEO is on course to reclaim his title as the world’s richest man, a position he occupied for most of 2022 until he lost it to French billionaire and luxury merchant Bernard Arnault.
In the past week, the SpaceX CEO earned over $11 billion to narrow the gap between him and Arnault, whose net worth stands at $189 billion, leaving a $6 billion gap between them.
Source: Legit.ng
