Key Sentence:
- The US stock market has done completely recovered from its 4.7% drop in September, and the world’s wealthiest people are reaping the most.
Elon Musk’s net worth rose to $214.8 billion this week, up to $12.7 billion. As Tesla’s stock rose steadily each day. Rising 7.3 percent Monday through Friday and hitting $800 per share from the first time since February. Tesla was up 1.8 percent ahead of the S&P 500’s gains this week. While the Dow Jones Industrial Average has also up 1.6 percent, boosted by a strong weekend on Thursday and Friday.
Tesla shares have risen nearly 50 percent since May 19 as the electric car maker continues to ship a record number of vehicles. This week announced that it had sold 56,000 cars in China from its Shanghai manufacturing facility in September, 12,000 more than in August.
Jefferies raised its share price for Tesla to $950, resulting in its third-quarter earnings report next Wednesday. Compared to other automakers, Tesla’s car sales are pretty low; In the United States alone, Ford sold 4.2 million cars and Toyota 9.5 million last year; The combined market value of these two companies is below Tesla’s market cap of $844 billion.
The explosion made Musk richer than Jeff Bezos at the end of September and raised his net worth to more than $200 billion for the first time. He enjoys competition. After telling Forbes that he would send Bezos a silver medal as he rose to first place.
He kept that promise on Monday by responding to one of Bezos’ tweets with a silver medal emoticon.
Despite Musk widening the gap this week, Bezos was still $5.6 billion richer on Friday. With Amazon shares up 3.3 percent. After retiring as Amazon’s CEO in July, Bezos is spending more and more time publicly promoting his space trading company Blue Origin. He’s set to celebrate this week from 90-year-old actor William Shatner to being the oldest man to ever fly in space. On his New Shepard spacecraft.
The only person whose week was nearly as successful as musks were French luxury magnate Bernard Arnault. It made $10.5 billion after its conglomerate LVMH reported revenue of $18 billion ($15.5 billion) in the third quarter. Which increased its stake by 6.1 percent for the week. Arnault remains the third richest person globally, with an estimated net worth of $185.4 billion.
An intense week for luxury goods and cosmetics also made Arno from France. Francois Pino (from Dry), and Françoise Betancourt Myers (from L’Oréal) billions of dollars richer.