Elon Musk can’t lose: He made $40 billion in a single week after firing 14,000 people.
The fortune of Elon Musk, the CEO of Tesla, registered a spectacular jump after a rally on the stock market, the billionaire earned $ 37.7 billion just a week after he laid off 14,000 people, writes Bloomberg, quoted by Business Magazin .
Tesla shares posted their biggest increase in three years, following reports that the company has received approval from Chinese officials to implement its driver-assistance system in the world’s largest auto market.
Elon Musk added $18.5 billion to his fortune
This came after it was revealed that Tesla plans to launch a new cheaper electric car model this year, which eased concerns about the company’s results.
Musk added $18.5 billion to his fortune, the 13th largest daily stock market gain for a billionaire according to the Bloomberg Wealth Index and the seventh largest for Musk. With a net worth of $201.5 billion, he is close to surpassing Jeff Bezos, who is in second place, after surpassing Mark Zuckerberg last week.
Musk, 52, derives his wealth primarily from his Tesla stake, as well as his holdings in Space Exploration Technologies Corp. and X, formerly Twitter.
The value of X shares collapsed
Before the recent rally, Tesla faced the worst performance of any stock in the S&P 500 amid price cuts and a surprise drop in vehicle deliveries.
Shares in X (formerly Twitter), meanwhile, have tumbled about 73% since Musk bought the company two years ago, according to a March assessment by Fidelity Blue Chip Growth Fund, which invested alongside him.
An important pillar of Musk’s fortune was SpaceX, whose value increased by more than 40% between mid-2022 and the end of 2023.
The US Supreme Court also rejected an appeal by Musk
The billionaire faces domestic pressure. Tesla asked shareholders to vote again on Musk’s $56 billion package, which was struck down by a Delaware court earlier this year.
If rejected, Musk risks losing stock options that represent nearly a quarter of his net worth.
The US Supreme Court also rejected an appeal by Musk in the “Twitter sitter” case, leaving intact his agreement with the Securities and Exchange Commission to require an in-house lawyer to pre-approve his social media posts about Tesla.
