{"id":20068,"date":"2023-06-08T14:09:36","date_gmt":"2023-06-08T18:09:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/elon-musk-is-worlds-richest-person-again-as-tesla-stock-soars-to-8-month-high\/"},"modified":"2023-06-08T14:09:37","modified_gmt":"2023-06-08T18:09:37","slug":"elon-musk-is-worlds-richest-person-again-as-tesla-stock-soars-to-8-month-high","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20068","title":{"rendered":"Elon Musk Is World\u2019s Richest Person Again As Tesla Stock Soars To 8-Month High"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Tesla CEO Elon Musk reclaimed his throne as the richest man on earth Thursday, wrestling the title away from LVMH chairman Bernard Arnault as shares of Musk\u2019s electric vehicle giant surged to their highest level this year.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Tesla stock rallied 3% to as high as $233 in Thursday trading, on pace for its 10th straight day of gains.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Musk\u2019s firm is on pace for its highest closing share price since October 6, 2022.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>After cratering to a two-year low in early January, Tesla shares are up 109%, the third-largest return of any company in the S&amp;P 500, which is up 12% this year.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>That rally has propelled Musk to once again become the richest person on the planet, according to <em>Forbes<\/em>\u2019 calculations, pegging Musk\u2019s net worth to be $217.8 billion, $1.8 billion bigger than Arnault\u2019s by just after 1 p.m. ET.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>On Wednesday, Musk briefly topped Arnault for the first time since December, though he slid below Arnault again by market close.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Contra<\/h2>\n<p>Despite the sustained rally, shares of Tesla remain 44% below their November 2021 peak of $410, far underperforming the S&amp;P\u2019s 6% loss during the period.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>After surging during the pandemic, Tesla stock faltered dramatically last year as investors soured on the company\u2019s promises of near limitless growth and Musk\u2019s affair with Twitter, the social media platform he controversially bought last year for $44 billion, pulling away the billionaire\u2019s time and financial resources from Tesla. Wall Street began to regain faith in Tesla after the firm reported record quarterly revenue and earnings in January, setting forth a rally that gradually gained steam as Musk found a replacement as Twitter CEO and played nice with lawmakers in the U.S., China and beyond.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>Tesla, which accounts for a majority of Musk\u2019s fortune, may be booming, but Twitter is amidst a far gloomier stretch as Musk\u2019s efforts to transform the company into the most valuable company on earth. The <em>New York Times<\/em> reported Monday Twitter\u2019s advertising revenues were down 59% this April compared to the year prior, while Fidelity said last week it values Twitter at about $15 billion, about a third of the sticker price Musk paid last year.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Elon Musk Briefly Becomes World\u2019s Richest Person Again (<em>Forbes<\/em>)<\/p>\n<p>Tesla Stock Hits 4-Month High As Elon Musk&#8217;s Net Worth Soars (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/06\/08\/elon-musk-is-worlds-richest-person-again-as-tesla-stock-soars-to-8-month-high\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Tesla CEO Elon Musk reclaimed his throne as the richest man on earth Thursday, wrestling the title away from LVMH chairman Bernard Arnault as shares of Musk\u2019s electric vehicle giant surged to their highest level this year. Key Facts Tesla stock rallied 3% to as high as $233 in Thursday trading, on pace for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-20068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk Is World\u2019s Richest Person Again As Tesla Stock Soars To 8-Month High | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Tesla CEO Elon Musk reclaimed his throne as the richest man on earth Thursday, wrestling the title away from LVMH chairman Bernard Arnault as\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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