Wolfgang Porsche's wealth nearly halved in 2023 while Musk added $86 billion. Here's why
Stifel analysts analyzed the holdings and net worth of automobile billionaires around the globe with Elon Musk of Tesla (NASDAQ: TSLA) once again topping the list.
In 2023, Musk’s wealth saw a remarkable increase of $86 billion, reaching $223 billion. Susanne Klatten and her brother Stefan Quandt of BMW (OTC: BMWYY) both gained around €4 billion, while Piero Ferrari of Ferrari (NYSE: RACE) gained €2.5 billion.
In percentage terms, Musk and Ferrari both gained exactly the same in 2023: +63%.
On the flip side, Li Shufu, involved with Geely, Volvo Cars, Polestar, Aston-Martin, and Mercedes, experienced an estimated loss of €4 billion.
Hans Michel Piech and Wolfgang Porsche, associated with VW, P911, and PAH, likely incurred losses in 2023 following significant setbacks in 2022.
While all companies operate in the auto sector, the difference in net worth between Musk and Porsche/Piech, for instance, is astonishing. According to Stifel’s analysis, the wealth of Wolfgang Porsche declined from around €2.5bn to c. €1.3bn (despite the P911 IPO).
“We believe the two groups with the worst governance in our coverage universe are VW/P911/PAH (controlled by Porsche/Piech) and VolvoCars/Polestar/Geely (controlled by Li Shufu). That is not the only reason for the underperformance, but we believe it contributed,” analyst Daniel Schwarz said in a note.
Tesla shares are up 91% year-to-date.
By Senad Karaahmetovic