AI Boom Fuels Tech Billionaires' Wealth Surge: Elon Musk's Net Worth Grows by $300 Million Daily in 2023
The AI-driven technology boom of 2023 not only propelled the US stock market to unprecedented heights but also resulted in a substantial surge in the wealth of technology billionaires. According to Forbes' latest ranking of "The 10 Billionaires Who Gained the Most Wealth in 2023", eight out of the top ten billionaires with the highest increase in net worth globally are from the technology sector. As of December 15, 2023, these individuals have collectively amassed a staggering fortune of $490 billion.
Elon Musk's net worth increased by over $108 billion and his total net worth reached $254.9 billion this year. His wealth accumulation is mainly attributed to the performance of electric vehicle manufacturer $Tesla (TSLA.US)$ and rocket company SpaceX, with the former's stock rising over 100% during the year and the latter's latest valuation expected to exceed $175 billion by the end of 2023.
Tech giant Google's parent company, $Alphabet-A (GOOGL.US)$, soared over 60% this year, placing both co-founders Larry Page and Sergey Brin in the top 10 wealthiest billionaires for 2023. Investors are eagerly awaiting the launch of the company's most powerful AI model, Gemini, in 2024.
Apart from Tesla and Google, other Magnificent 7 companies have also witnessed their driving forces entering the billionaire ranks for having gained the most wealth in 2023, owing to the upsurge in tech stocks. This includes Mark Zuckerberg, CEO of $Meta Platforms (META.US)$, Jeff Bezos, founder of $Amazon (AMZN.US)$, Steve Ballmer, former CEO of $Microsoft (MSFT.US)$, and Jensen Huang, CEO of $NVIDIA (NVDA.US)$.
Only two billionaires from non-tech industries made it to the top 10 list, with Prajogo Pangestu, the Indonesian petrochemical and energy tycoon, experiencing a surge in his net worth due to the successful IPOs of two of his companies this year. This includes PT Petrindo Jaya Kreasi Tbk (CUAN), a coal mining company that went public in March and saw its stock price skyrocket by over 3000%, and PT Barito Renewables Energy Tbk (BREN), a renewable energy company that went public in October and saw its stock price surge by over 220%.
In addition, Inditex, the owner of the renowned fast-fashion retailer Zara, saw its stock price rise by over 50% this year, propelling its co-founder, Amancio Ortega, into the top 10 list.
Source: Forbes, moomoo
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Kenneth Edwards : 2023 isn’t over yet. Tesla stock on a roll which will push Elon’s total even higher by Friday’s close.
73372562 : Thank you for sharing this to me
احمد حجتی : $E-mini Dow MAR4 (YM2403.US)$
Troy Wee : Thanks for sharing, great
73987587 Kenneth Edwards : Hello Kenneth,
Reading the stocks Elon Musk invested in contributing to such large profits in 2023. He referenced Tesla and Space X. He also referred to an AI stock that also contributed to his gains. Do you have any idea what the AI stock is? He has been talking about buying large amounts of shares of an AI stock under $3 a share.
hank you,
Larry Beal