Elon Musk has really changed the way technology is perceived since his inception with SpaceX and the Tesla brands. Not only did he change the power of technology, but he also changed how people should use Twitter after he bought it.
He has since then made Twitter very competitive with Facebook and Instagram, as Mark Zuckerberg has also started a new Twitter-like App called Threads in retaliation to Twitter. However, with all the competition from Twitter, it seems the Tesla and SpaceX moguls are earning huge sums.
Elon Musk’s net worth has grown significantly, helped by a rise in Tesla's stock price and SpaceX's valuation. Bloomberg pegs Musk's net worth at $244 billion, meaning he has added $107billion this year. Forbes, on the other hand, calculates his net worth at $247 billion. Elon Musk has also passed Bernard Arnault, the head of LVMH, who was recently the richest man in the world. Today, Bernard has a net worth of over $190 billion, meaning Elon Musk is $54 billion richer.
This week, the company announced that it delivered over 46,000 vehicles in the second quarter. This was an 835 percent increase from the same quarter in 2022. The company has delivered over 906k vehicles this year. Elon Musk’s wealth has also increased because of SpaceX's soaring valuation, making it the biggest company in the space industry. The company is now raising capital at a $150 billion valuation, much higher than its previous $127 billion valuation.
Musk has also seen his wealth rise thanks to his ownership of Neuralink, a company building a brain implant. CNBC says the company is now worth over $5 billion despite no sales. Bernard Arnault, on the other hand, saw his wealth soar this year after the company published strong results.
Now, there are concerns that LVMH’s growth will come under pressure as China’s economy falters and France's chaos continues. LVMH's share price has dropped almost 10% from its highest level this year.
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