"Musk owns 12% of Tesla, which is worth more than $1.5tn, and his wealth has been boosted this year by surge in the electric carmaker's share price. The 54-year-old's other businesses include the rocket company SpaceX, which was recently reported to be seeking a $400bn valuation, and xAI, an artificial intelligence company that had a valuation of $75bn as of July, according to data from Pitchbook."
"Tesla shares fell early this year, hit by a combination of the competitive threat from Chinese rivals, falling sales and doubts over Musk's focus on the company, amid distractions from his other businesses and his tempestuous relationship with Donald Trump. Musk's vocal support for Trump and expression of rightwing political views on X, the social media platform he owns, have also damaged Tesla sales, according to analysts."
"Days later, Musk disclosed his purchase of about $1bn worth of the shares in a huge vote of confidence for the future of Tesla as it races to transition from an automaker to an AI and robotics powerhouse. The Tesla board last month proposed a $1tn compensation plan for Musk, setting out lofty financial and operational targets for the CEO while also addressing his demands for a bigger stake in the company."
Elon Musk's net worth briefly surpassed $500bn before returning to $499bn. He owns 12% of Tesla, whose market value exceeds $1.5tn, which has driven much of his wealth through strong share gains. His other holdings include a 42% stake in SpaceX, reportedly seeking a $400bn valuation, and xAI, valued at about $75bn in July. Tesla shares fell earlier due to competition from Chinese rivals, declining sales and questions about Musk's focus amid other ventures and political controversies on X, but shares climbed 70% over six months as investor sentiment improved.
Read at www.theguardian.com
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