According to Bloomberg Billionaires Index, Tesla and Twitter CEO, Elon Musk has regained the prestigious title of world’s wealthiest person. Last December, Bernard Arnault, Louis Vuitton executive chairman, took over Musk’s spot at number one for a period exceeding two months; however, an impressive upswing in Tesla shares sent him back atop the Billionaire list!
The New Increase in Tesla Shares Moves Elon Musk to No. 1
On Monday, Elon Musk surpassed Bernard Arnault’s net worth of $185.3 billion with an estimated wealth of approximately $187.1 billion due to the remarkable 70% increase in Tesla shares’ price this year which is close to double its intraday low from January 6th when investors started reinvesting into riskier stocks as they have begun observing signs of economic stability and a decrease in Federal Reserve rate hikes – according to Bloomberg.
However, Tesla’s CEO experienced a staggering decline in his net worth of more than $200 billion between November and December last year – one of the most significant drops in wealth ever recorded. This sharp decrease was caused by decreased value of Tesla shares as people became worried about Covid-19’s effects on China, compounded by Elon Musk’s takeover of Twitter. The company tragically lost an approximate total amounting to around $700 billion during this period on Wall Street, making it its worst year yet.
On the Other Hand, The Bad Trend on Twitter Continues
As part of his $44 billion acquisition, the CEO of Twitter made sweeping cost cuts – reducing more than 3,700 jobs at half of the company’s workforce. Unsurprisingly, Elon Musk recently announced yet another round of layoffs within his administration, with over 50 people let go. This comes after he shared in November that Twitter was losing around $4 million a day and signals an ongoing effort to lower costs for this microblogging site going forward.
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