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Elon musk

Elon Musk’s Net Worth Increases To $269 Billion

 

Elon Musk, the richest man in the world, has experienced spectacular increases in his wealth valuation in recent weeks amid high buying pressure witnessed on Tesla stock.

The billionaire who was born in South Africa has a staggering $269 billion in net worth as of 2022, making him the richest person in the world. He has also recovered most of the losses from the previous market collapse as a result of investors’ large bets on the stock of the electric car manufacturer due to favorable macroeconomic factors.

Recall that Musk’s net worth peaked in November of last year at nearly $340 billion and later dropped to $197.1 billion in May, a 42% fall.

Thanks to a surge in growth stocks, Tesla outpaced both the tech-heavy index and the overall S&P 500 Index, rising about 50% from a late-May low.

Read Also: Six secrets that makes Elon Musk to be successful in business 

Tesla approves 3-for-1 stock split
In an effort to draw in even more ordinary investors amid a ferocious surge since late May, Tesla Inc. shareholders approved a three-for-one stock split on Thursday.

The split will lower Tesla’s share price to around $300, though the Austin, Texas-based business did not immediately state when it will go into effect. Tesla first tweeted about its strategy on March 28.
This will be Tesla’s second share split in under two years. In 2020, the business underwent a five-for-one stock split, which resulted in a 60% increase in share price between the day of the announcement and the execution date. The business already has a sizable base of regular investors, making it a popular stock.

At the Tesla 2022 shareholders meeting on Thursday, investors questioned CEO, Elon Musk about his forecasts for the world economy and the company’s financial goals.

Despite joking that “making macroeconomic prognostications is a recipe for calamity,” Musk projected that “we are above peak inflation” and likely to have a “very moderate recession” lasting for about 18 months.

The CEO’s economic analysis was based on commodity pricing. Tesla is being asked to pay for the materials and goods it requires to build electric vehicles.

“Because you have to buy commodities several months in advance of when they’re needed when you’re building millions of cars, we do get a good amount of insight into where prices are moving over time,” Musk added.

As he declared his intention to pull out of the $44 billion acquisition of Twitter, the billionaire made headlines. He cited worries about spam accounts and said that the company was “in significant breach of various terms” of the merger agreement.

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Few Days After Buying Twitter, “Elon Musk” Promises To Buy Coca-Cola To ‘Put Cocaine Back In’

 

After buying Twitter for a whooping $44 billion, Elon Musk, Tesla CEO has promised to buy Coca-Cola and ‘put the cocaine back in.’

Musk wrote via his twitter handle in the early hours of Thursday, that “Next I’m buying Coca-Cola to put the cocaine back in”

Coca-Cola, leading soft drinks producer, at one point, used coca leaves, with cocaine present in them, when the ingredient was still considered medicinal in the nineteenth century.

However, as the drug became stigmatised and Prohibition hit the US, cocaine was removed from their secret formula and instead replaced with decocainised coca leaves.

Read Also: Twitter is my biggest regret-Twitter founder reacts as Elon Musk takeover 

Musk’s tweet is perhaps a joke, though not wholly discernable, given his history of acting on his whimsical social media statements.

But it is a nod to the veteran beverage company’s colourful history with cocaine. Coca Cola’s eponymous trademark soft drink is named for its two primary ingredients: coca leaves and kola nuts. While kola nuts are a source of caffeine, coca leaves are the base from which the psychoactive drug cocaine is extracted.

The world’s richest man had, after acquiring Twitter for $44 billion in a bizarre hostile takeover on Monday, posted a screenshot of a previous tweet where he said “Now I’m going to buy McDonald’s and fix all the ice cream machines,” and jokingly responded to himself with “Listen I can’t do miracles ok”.

Musk, known for his outlandish statements, already has a reputation on Twitter. He had, in the past, polled Twitter users, asking if he should sell 10% of his Tesla stock in order to pay for unrealized capital gains, following which he has actually sold off nearly $7 billion in Tesla shares when over 57% of poll participants voted in favour of his suggestion.

In the weeks leading up to his Twitter takeover, when Musk was only set to join the board and nothing else, the Tesla founder tweeted a series of ideas that he believed could improve the platform, with some appearing serious — like the possibility of introducing an edit button — while others seemed wholly bizarre, such as turning Twitter’s San Francisco headquarters into a homeless shelter.

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