The Net Worth Of Elon Musk Increases To $304 Billion As Tesla Stock Surges
Elon Musk, the world’s richest man, has increased his net worth by $32.6 billion, increasing his total fortune to $304.2 billion.
Touchaheart Nigeria reports that according to Forbes, the billionaire, who is also the creator of the commercial space company SpaceX, stayed at the top of the world’s wealth list as the new year began.
Bernard Arnault, the CEO of the French fashion conglomerate LVMH, is in second place, $103.6 billion behind Musk. According to Forbes, Amazon founder and former CEO Jeff Bezos is in third position.
The South African’s burgeoning fortune has once again been attributed to Tesla’s skyrocketing stock price.
On Sunday, the electric car maker said that it had delivered more than 936,000 cars in 2021, above analyst expectations, but it also announced that 475,000 of its cars made between 2014 and 2021 had been recalled.
According to Forbes, Tesla shares rose more than 13% by market close, bringing the company’s market capitalization back above $1 trillion after falling below it last month.
Musk, who was named Time Magazine’s Person of the Year in 2021, holds around 15.6 percent of Tesla’s stock as CEO.
He continued to sell stock, ending the year with 3 million shares sold on the open market to meet the tax costs associated with the 5.7 million stock options he exercised at the same time.
Musk is said to have sold 15.7 million Tesla shares in 2021, worth more than $16 billion before taxes.
Over the years 2020 and 2021, his fortune increased by more than $200 billion. He increased his net fortune by $116 billion in 2021 alone.
According to Forbes, this is the largest one-year rise by any billionaire since the publication began tracking high-net-worth individuals’ fortunes.
When Tesla reports its fourth-quarter earnings later this month, Musk is expected to receive another another windfall.
If the company meets certain operational and valuation goals, the world’s richest man is set to become even richer.