Tesla’s Impressive Stock Performance Adds $10 Billion to Elon Musk’s Wealth

Elon Musk’s wealth increased by $10.5 billion on Wednesday, marking a 4.2% surge. This substantial boost was primarily driven by a nearly 6% rise in the stock value of Tesla, which constitutes a significant portion of his wealth. As a result, his total fortune now stands at $260.4 billion.

Musk initially claimed the top position on Forbes’ Billionaires List in September 2021. He surpassed Amazon’s Jeff Bezos, who now holds the third position with an estimated net worth of $149.8 billion. Although Musk and French fashion magnate Bernard Arnault have intermittently traded places as the world’s richest individuals. However, Musk has consistently maintained the number-one spot in recent weeks.

Tesla’s Impressive Stock Performance Adds $10 Billion to Elon Musk’s Wealth

Of his $260.4 billion net worth, Tesla stock represented approximately $170.6 billion. Additionally, Musk possesses a 42% stake in SpaceX, valued at $60.2 billion. He acquired Twitter in October 2022, which is now valued at $8.9 billion (he purchased the social media platform for $44 billion). Forbes estimates that he maintains around $5.2 billion in cash and other readily accessible assets.

Musk’s charitable contributions have been relatively modest, according to Forbes’ findings. Despite signing the Giving Pledge in 2012, Musk has donated a total of $281 million to charitable causes over his lifetime, amounting to less than 1% of his net worth as of September 2023. However, he is not alone among America’s wealthiest individuals in his limited philanthropic endeavours.

Forbes’ list of the 400 richest Americans reveals that Oracle co-founder Larry Ellison, Nvidia co-founder Jensen Huang, and 124 others have all donated less than 1% of their wealth. Only a handful of the top 400 richest Americans have contributed more than 20% of their wealth to charitable causes, including John Arnold, Edythe Broad, Warren Buffett, Bill Gates, Melinda French Gates, Amos Hostetter Jr., Pierre Omidyar, MacKenzie Scott, Lynn Schusterman, Jeff Skoll, and George Soros.

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Onsa Mustafa

Onsa is a Software Engineer and a tech blogger who focuses on providing the latest information regarding the innovations happening in the IT world. She likes reading, photography, travelling and exploring nature.

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