Elon Musk is back on top of Bloomberg's ranking of the richest people on earth. The billionaire lost his position to Bernard Arnault, who helms French high-fashion conglomerate LVMH, in December of 2022, as Tesla's stock declined significantly amid a broader market downturn.
But as the stock has recovered in early 2023, Musk's fortune has risen with it.
Shares of Tesla are up around 95 percent since January 1, and Musk's net worth was $187.1 billion at the close of markets on Monday, placing Arnault in second place with his $185.3 billion.
Now the big question is whether Tesla will keep up the momentum. The stock is still down more than 80 percent over the past 12 months, and the headwinds it faced in 2022 remain.
In particular, Musk remains saddled with making Twitter financially viable. On Saturday night, the social media platform laid off at least 200 people, which is roughly 10 percent the remaining 2,000 who work for the company. There were around 7,500 employees when Musk started making cuts to reduce costs.
In addition, waning demand for electric vehicles has forced Tesla to cut prices to move inventory. While the cuts have boosted sales, they remain sluggish in key markets such as China.
Cust2Mate is a leading innovator in retail technology, aiming to revolutionize the shopping experience. By implementing smart cart technology, the tech company addresses the issue of theft while enhancing the shopper's journey.
The Biden administration has unveiled a plan, Plan B, to address the student loan debt crisis. It offers to cancel up to $20,000 in interest for borrowers enrolled in income-driven repayment plans. This proposal aims to reset balances for those facing growing debt due to unpaid interest, benefiting low—and middle-income borrowers. An estimated 25 million borrowers are eligible for some form of interest forgiveness.
As we head into the second quarter, there’s an argument in favor of buying Boeing stock. Why? As one expert says, ‘there’s nowhere else to get planes.’
With inflation and prices still on the rise, it might be worth considering a carpool app. One of them, Singapore-based Ryde, just went public in the U.S.
Full Glass Wine Co., the company behind Bright Cellars, Wine Insiders, and Winc, knows you fell in love with home delivery during the pandemic – and it’s investing millions into making it even better.
It might sound counterintuitive, but the Fed cutting interest rates three times this year could cause inflation to spike and actually be worse for markets and the economy as a whole.
