Elon Musk, the Chief Executive Officer of Tesla and owner of X (formerly Twitter), briefly saw his net worth swell to an astonishing $500 billion yesterday, setting a new record before settling slightly lower at $499.1 billion.
This monumental financial achievement is directly linked to the stellar performance of Tesla’s stocks, which have climbed around 14% this year and more than 20% over the last year. Musk’s vast wealth is tied to the electric car company, where he owns a 12% stake.
Bounce Back from Controversy
The stock value has fully recovered from a previous dip when shares fell dramatically from $427.90 a share to $220.67. That fall coincided with a period when Musk was under public scrutiny while working for Donald Trump’s Department of Government Efficiency (DOGE), focusing on cutting jobs and spending.
Musk officially quit that role in May and has since been “front and centre” of running Tesla, a factor the firm confirmed contributed to the renewed investor confidence and subsequent stock surge.
Source: BBC
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