After posting its worse stock performance since going public in 2010, shares of Tesla Inc (NASDAQ: TSLA) have rebounded in 2023.
Here’s a look at the impact of the Tesla stock surge in 2023 and the impact it has on the wealth of its CEO Elon Musk.
So far this year, Musk added almost $119 billion to his wealth. The Twitter owner is worth $256 billion as of the time of writing, according to data from the Bloomberg Billionaires Index.
That means that Musk has gained more in wealth in 2023 than almost every person in the world is worth, including Berkshire Hathaway Inc (NYSE: BRK-A)(NYSE: BRK-B) CEO Warren Buffett, who is worth $116 billion.
Buffett gained $8.3 billion in wealth in 2023, ranking as the seventh-richest person in the world.
Musk’s newfound wealth comes after shares of Tesla fell over 65% throughout 2022. The drop was so substantial that Musk even set a Guinness World Record for losing $182 billion in wealth from November 2021 through the end of 2022.
Musk was previously worth more than $300 billion, becoming the first person to pass the milestone. In October 2021, Zenger News shared that Musk was worth more than the valuations of every single Major League Baseball, National Basketball Association, National Football League and National Hockey League team combined.
In May 2023, Musk retook the richest person in the world title and now has a comfortable lead over fashion executive and LVMH Chairman Bernard Arnault.
The $119 billion in wealth amassed by Musk is the largest for the year to date and one of the biggest one-year gains ever.
The next largest gain comes from Meta Platforms (NASDAQ: META) CEO Mark Zuckerberg, who collected $67.8 billion in wealth in 2023. Zuckerberg is currently ranked eighth in the wealth index, after falling out of the top ten in 2022 as the stock price of Meta Platforms slid. Meta shares are up 154% year-to-date in 2023.
The gain in wealth by Musk highlights the impact of the price of Tesla’s stock to his net worth. Musk has a large ownership stake in Tesla, along with stakes in Twitter and SpaceX.
Tesla shares are up 174% year-to-date in 2023 and are approaching the $1 trillion market capitalization club once again.
Berkshire Hathaway shares gained 4% in 2022, which beat the S&P 500 and came with the majority of stocks were down on the year. Berkshire Hathaway has produced positive stock price gains annually for seven straight years.
In 2023, Berkshire Hathaway shares are up 11%, trailing Tesla and the SPDR S&P 500 ETF (NYSE: SPY), which tracks the S&P 500 Index. The ETF is up 20% year-to-date in 2023.
The SPDR S&P 500 ETF was down 19% in 2022, its biggest annual loss since 2008.
Musk’s and Buffett’s gains highlight the impact of the companies they lead and their respective stock prices, as well as their resilience after struggling in 2022.
Produced in association with Benzinga
Edited by Saba Fatima and Asad Ali
