Musk has faced a great deal of uncertainty since last year’s turmoil. Meanwhile, he bought Twitter. At the time a lawsuit was filed by Tesla shareholders, Musk has since improved to 2023.
The year 2023 has recorded an increase in Tesla shares of more than 70%. Tesla’s Elon Musk has since returned to Bloomberg’s list of the world’s richest people. It is an interesting story of rise after rise and rise from fall. Musk has regained his spot as the world’s richest man after a rollercoaster few months that have seen his wealth dwindle amid a sell-off of tech stocks and multiple controversies.
According to historical data from Yahoo Finance, Tesla stock price hit a low of $108.10 on January 3, 2023. However, Musk’s fortune is well below the peak of more than 300 billion at the end of 2021. It has since sold about $20 billion in Tesla shares to fund its $44 billion purchase of Twitter.
It may have taken a little longer for Musk to outdo French luxury brand LVMH CEO Bernard Arnault, after he revealed that he gave away about 11.6 million Tesla shares to unnamed charities. His stock was worth about $2.4 billion, based on average prices on the days Musk donated the securities.
Tesla’s fall in value in 2022 comes as tech stocks suffer amid rising interest rates Investors have piled into Tesla since January even as Mr. Musk continues to distract himself from running Twitter.