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.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
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Rating: 1/5
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Mohammed bin Zayed Majlis
CONFIRMED%20LINE-UP
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What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
Company%20Profile
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What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
KILLING OF QASSEM SULEIMANI
Griselda
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SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
Killing of Qassem Suleimani
