Elon Musk is the 31st richest person in the world

(Bloomberg) - Elon Musk raised his fortune by $ 1.4 billion on Tuesday (7) with a single tweet.
Tesla shares jumped 11 percent to $ 379.57 in New York, bringing Musk's fortune to $ 25.8 billion after he said he was considering closing the capital of the maker of electric vehicles $ 420 a share.
His message came minutes after the Financial Times reported that the Saudi Arabian Public Investment Fund had accumulated an undisclosed 3 percent to 5 percent stake this year, according to unidentified people with direct knowledge of the issue.
Musk said in the tweet that he secured the funding, without giving details. A price of $ 420 per share would rate the company at $ 82 billion, including debt. Even though it is the 31st richest person in the world and Tesla's largest shareholder, Musk would rely on external financing for the possible purchase, considering his wealth is highly illiquid.
The CEO told employees that shareholders would have the final say if he decided to go ahead with the idea of ​​closing the company's capital.
About half of Musk's $ 26 billion fortune is held through its stake in Space Exploration Technologies, which the billionaire has promised to keep private until it starts conducting regular missions to Mars, which would happen in years.
His $ 13bn stake in Tesla would likely be injected into privately-held company. Musk, 47, has already committed a portion of its stake in Tesla's common stock to secure bank loans, according to the June 2018 market announcement.
A buyout at $ 420 per share would probably not allow Musk to reap any benefits from the $ 2.6 billion stock option grant it received this year. At this price, the stock value alone stands at $ 72 billion, below the initial performance target of $ 100 billion. That means the titles would be lost.
(With the collaboration of Dana Hull)

Musk needs just 61 characters to enrich $ 1.4 billion

Elon Musk is the 31st richest person in the world

(Bloomberg) - Elon Musk raised his fortune by $ 1.4 billion on Tuesday (7) with a single tweet.
Tesla shares jumped 11 percent to $ 379.57 in New York, bringing Musk's fortune to $ 25.8 billion after he said he was considering closing the capital of the maker of electric vehicles $ 420 a share.
His message came minutes after the Financial Times reported that the Saudi Arabian Public Investment Fund had accumulated an undisclosed 3 percent to 5 percent stake this year, according to unidentified people with direct knowledge of the issue.
Musk said in the tweet that he secured the funding, without giving details. A price of $ 420 per share would rate the company at $ 82 billion, including debt. Even though it is the 31st richest person in the world and Tesla's largest shareholder, Musk would rely on external financing for the possible purchase, considering his wealth is highly illiquid.
The CEO told employees that shareholders would have the final say if he decided to go ahead with the idea of ​​closing the company's capital.
About half of Musk's $ 26 billion fortune is held through its stake in Space Exploration Technologies, which the billionaire has promised to keep private until it starts conducting regular missions to Mars, which would happen in years.
His $ 13bn stake in Tesla would likely be injected into privately-held company. Musk, 47, has already committed a portion of its stake in Tesla's common stock to secure bank loans, according to the June 2018 market announcement.
A buyout at $ 420 per share would probably not allow Musk to reap any benefits from the $ 2.6 billion stock option grant it received this year. At this price, the stock value alone stands at $ 72 billion, below the initial performance target of $ 100 billion. That means the titles would be lost.
(With the collaboration of Dana Hull)

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