Tesla CEO Elon Musk’s wealth has increased by R762 billion in 2023 thanks to a 92% rally in the Tesla share price between January and March.
South African-born Elon Musk is one of the most famous and successful entrepreneurs in the world who is behind some of the world’s most innovative companies.
He started X.com, which became Paypal, founded SpaceX and built Tesla into the most valuable car company in the world.
Musk recently bought Twitter and is working to make the social media network financially sustainable.
Last month, Musk reclaimed the title of the richest person in the world based on Bloomberg’s latest rankings.
A rally in Tesla stock has lifted Musk back to the top of Bloomberg’s real-time Billionaires Index, unseating LVMH CEO Bernard Arnault.
Musk owns 412 million Tesla shares and has 304 million options on Tesla shares, which accounts for most of his wealth. His shareholding makes him a 13% owner of Tesla.
Tesla has rapidly increased its vehicle production capabilities in recent years and has reported another record quarter for Q1 2023.
The market liked what Tesla reported, which has helped the share price increase by 92% in 2023 – from $108 per share to $207 per share.
Excluding the value of Musk’s options, the year-to-date share price increase pushed the value of Musk’s shareholding up by R762 billion.
This increased the total value of Musk’s shareholding from R758 billion to R1.52 trillion.