Elon Musk became the third-richest person in the world on Monday, overtaking Facebook founder Mark Zuckerberg, after a split in Tesla’s stock sent its share price soaring.
Mr Musk is now worth $115 billion (Dh422bn), overtaking Mr Zuckerberg's net worth of $111bn, according to the Bloomberg Billionaires Index.
Last month, Mr Musk became a centibillionaire after stocks rallied following news that the Federal Reserve is likely to keep short-term interest rates near zero for at least five years.
His net worth has increased by $87.8bn so far this year, boosted by the rising value of his electric car company, which has soared by more than 500 per cent since the beginning of the year.
Tesla shares jumped by more than 12 per cent following a five-for-one stock split by the company on Monday, and are up a further 7 per cent in pre-market trading on Tuesday.
The electric car maker now has a market capitalisation of $464bn, more than double the $182bn valuation attached to the next-highest valued automotive company, Toyota. The Japanese company sold 10.7 million cars in 2019, compared to Tesla’s 367,500, although Tesla has made significant investments in other areas such as self-driving technology.
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Billionaires: The Top 10 richest people in the world
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Theoretically, stock splits should not alter a company’s valuation – increasing the number of shares reduces the price at which they trade, but makes no fundamental difference to its operations.
However, a lower share price makes it easier for retail investors to buy and “gives a psychological boost to the market”, analyst Craig Irwin of Roth Capital told CNBC on Tuesday.
“It brings momentum and liquidity into the [the company’s shares] in a greater velocity. There’s no denying it – the velocity in Tesla is straight up and this adds more rocket fuel to that rocket,” he said.
Following Monday's stock split, Daniel Ives, an analyst at Wedbush Securities, set a price target of $380 on Tesla’s stock, with a Neutral rating. It closed on Monday at $498.32
“We believe the stock split decision was a smart move by Tesla and its board given the parabolic move in shares over the past six months,” he said in a note to clients.
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
MATCH INFO
Uefa Champions League, last 16, first leg
Ajax v Real Madrid, midnight (Thursday), BeIN Sports
Zayed Sustainability Prize
Five healthy carbs and how to eat them
Brown rice: consume an amount that fits in the palm of your hand
Non-starchy vegetables, such as broccoli: consume raw or at low temperatures, and don’t reheat
Oatmeal: look out for pure whole oat grains or kernels, which are locally grown and packaged; avoid those that have travelled from afar
Fruit: a medium bowl a day and no more, and never fruit juices
Lentils and lentil pasta: soak these well and cook them at a low temperature; refrain from eating highly processed pasta variants
Courtesy Roma Megchiani, functional nutritionist at Dubai’s 77 Veggie Boutique
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
UAE currency: the story behind the money in your pockets
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CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
