It is the time of year when all major U.S. public companies have filed their 2022 proxies. At least, that is true for corporations that operate on a calendar year, which most do. As usual, a group of CEOs made over $100 million. One, however, only made $1, according to AI-driven SEC data company MyLogIQ. That is Elon Musk, sometimes the world’s richest man and the head of leading electric vehicle (EV) maker Tesla. (These 14 billionaires went broke.)
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Musk is considered the Thomas Edison of this generation. Tesla is only one of his operations. Another large one is SpaceX, which builds reusable rockets. This has changed the industry entirely. He plans to use new, powerful versions of these rockets to send people to the moon and perhaps beyond.
Tesla was early into the EV market and is years ahead of its competition, except in China, where local manufacturers have impressive market share. Tesla will sell almost 2 million EVs this year. Ford wants to be a competitor but will only sell tens of thousands. Startups like Rivian and Lordstown eventually may go out of business.
Tesla has become the most valuable car company in the world. It has a market cap of $530 billion. Ford’s, by contrast, is $47 billion, despite its revenue advantage. One reason for the gulf is that Tesla’s sales will be, according to its advocates, at the top of its industry. And it has a chance to lead the autonomous vehicle market, which eventually could mean tens of billions of dollars in sales.
Musk may have made only $1. However, his stock in Tesla is worth tens of billions of dollars. Given his net worth of $175 billion, the only people in the world with a higher figure are Bernard Arnault and his family, who have a net worth of $223 billion, according to the Forbes Real-Time billionaire list.
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