Elon Musk reclaims his title as the world’s wealthiest person, according to the latest update from the Bloomberg Billionaires Index on Thursday.
In May, Tesla’s stocks surged by 24%, catapulting the billionaire’s fortune to $192 billion.
Consequently, Musk dethroned Bernard Arnault, the CEO of luxury conglomerate LVMH, who had previously snatched the top spot from Musk in December 2022.
In addition to Tesla, Musk owns the social media platform Twitter and serves as the CEO of aerospace manufacturer SpaceX.
The meteoric rise of Tesla’s stocks in May has prompted investors to ponder whether the electric car manufacturer is once again on an upward trajectory.
Tesla closed yesterday’s session on Wall Street at $203.93. According to InvestingPro, the company’s market capitalization stands at $215.92 billion, with a moderate risk profile and impressive financial indicators.
Favorable factors for the company include a high return on invested capital, a cash surplus compared to debt, and a consistently growing earnings per share (EPS).
On the other hand, a total of 20 analysts have lowered their profit forecasts for the company’s upcoming period. Tesla trades at a high price-to-earnings ratio, and its stock price exhibits significant volatility.
InvestingPro also highlights the fact that the company does not pay dividends to its shareholders as a factor to consider.
It should also be noted that although the price has increased by 26% in the past month, it has experienced a 17% decline over the past year.
Tesla is set to announce its financial results for the second quarter of 2023 on July 24th. Analysts have lowered their earnings per share expectations for this quarter by 42.8%, from $1.37 per share to $0.78 per share over the past 12 months. The estimated revenue stands at $24.272 billion.
Overall, Elon Musk and Tesla continue to captivate attention in the world of business and investments, and their future endeavors will be closely observed with great interest.
