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A move reminiscent of the time Rick Sanchez erased the entire Galactic economy recently made Elon Musk $56 billion poorer – or rather, less wealthy – with a single stroke of a pen.  On January 30, 2024, a Delaware judge – Chancellor Kathaleen McCormick – ruled that Musk’s immense pay package for his role at the world’s most recognizable electric vehicle (EV) maker, Tesla Motors (NASDAQ: TSLA), was unfair to shareholders and had to be rescinded. The decision not only toppled the billionaire from his top spot on the list of the world’s most wealthy and helped reduce his net worth to approximately $198.9 billion – $19 billion less than France’s Bernard Arnault – but also kickstarted a large move of his corporate entities from Delaware to Texas. Still, while Musk may have lost his generous pay package, he retains significant wealth, and much of it is accounted for by a significant number of Tesla shares he holds. How many Tesla shares does Musk hold in 2024? The latest filings with the U.S. Securities and Exchange Commission (SEC), published on February 14, 2024, reveal that Elon Musk currently holds slightly more than 715 million TSLA shares – in other terms, his ownership stake in the company amounts to approximately 20.5%. Indeed, the numbers show that much of the billionaire’s current wealth is tied to the fortunes of the company, as his TSLA shares are, at press time, worth just under $135 billion – about 67% of his net worth. Musk’s ranking on the list of the world’s richest people didn’t suffer solely due to the cancellation of his pay package. Tesla has seen a major stock market decline in recent months as the entire EV industry has been gripped in what has been termed the ‘EV winter’ – a period…

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Filed under: News - @ February 15, 2024 8:22 pm