According to Bloomberg’s latest reports, Elon Musk’s net worth skyrocketed by $95.4 billion in 2023, reinstating him as the world’s wealthiest man.
Bloomberg reports that in 2023, Tesla and SpaceX CEO Elon Musk saw his wealth increase by a massive $95.4 billion. This surge in wealth was primarily fueled by the performance of his two largest companies, Tesla and SpaceX. Despite a challenging economic climate, Tesla’s stock performed exceptionally well, contributing massively to Musk’s financial gains.
Tesla’s success is reflective of a broader trend amongst the big tech Masters of the Universe, which saw a collective wealth increase of 48 percent or $658 billion among tech billionaires. This remarkable growth was driven by growing excitement around AI and the strong performance of tech stocks.
Musk’s vast increase in wealth is especially notable because his purchase of Twitter (now known as X) has been a financial failure. The company is now worth only a fraction of the $44 billion Musk paid for it just over a year ago.
As Breitbart News previously reported:
Bloomberg reports that Twitter is now only worth a third of the $44 billion that tech tycoon Elon Musk paid for the social media giant according to Fidelity Investments. “Twitter’s value has seen a significant decline since Musk’s takeover,” a Fidelity spokesperson said. “Our recent evaluation of our equity stake in the company reflects this downturn.”
Elon Musk, who paid $44 billion for Twitter, including $33.5 billion in equity, has openly acknowledged that he overpaid for the service. “Twitter is worth less than half what I paid for it,” Musk confessed in a recent statement.
In November, Fidelity reduced the value of its Twitter holding to 44 percent of the original purchase price. The platform then experienced additional markdowns in December and February, which highlighted its ongoing financial difficulties.
The tech industry’s resilience is further evidenced by the significant wealth gains of other tech giants. Amazon.com founder Jeff Bezos and Meta (formerly Facebook) CEO Mark Zuckerberg experienced substantial increases in their fortunes, adding $70 billion and $80 billion respectively. These figures demonstrate the ongoing strength and influence of Amazon and Meta, even amidst economic headwinds, cementing their positions as industry leaders.
In contrast to this positive trend, Indian billionaire Gautam Adani faced a severe financial setback. His wealth declined by $21 billion in a single day in January and totaled a loss of $37.3 billion throughout the year. This dramatic drop was mainly due to allegations of “brazen stock manipulation and accounting fraud scheme over the course of decades,” made by short-seller Hindenburg Research, leading to a significant devaluation of the Adani Group.