Tesla, Twitter, SpaceX Or Dogecoin: Which Musk-Associated Asset Saw Highest Value Growth In 2023?
Portfolio Pulse from Chris Katje
Elon Musk's associated assets have seen varied growth in 2023. Tesla Inc (TSLA) delivered its first Cybertruck, and its stock surged by 142%. SpaceX, valued at $180 billion, is up 41.7%. Dogecoin (DOGE) appreciated by 33%. Twitter, acquired by Musk and renamed X, was marked down by 68.1% by some investors. Musk's net worth increased by $97.8 billion, largely due to Tesla and SpaceX. The average return of these investments outperformed the S&P 500, tracked by SPDR S&P 500 ETF Trust (SPY), which was up 25.1%.
December 28, 2023 | 2:59 pm
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POSITIVE IMPACT
Dogecoin experienced a 33% increase in value in 2023, possibly influenced by the cryptocurrency market's recovery and Musk's continued support.
Dogecoin's growth is attributed to the general rebound in the cryptocurrency sector and Musk's favoritism, which may have encouraged investor interest.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Tesla's stock has seen a significant increase of 142% in 2023, indicating strong performance and investor confidence, particularly with the delivery of the Cybertruck.
The substantial stock price increase reflects Tesla's successful year, including the launch of the Cybertruck, which likely contributed to the rise in Musk's net worth and investor returns.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90
NEUTRAL IMPACT
SPDR S&P 500 ETF Trust (SPY) was up 25.1% in 2023, which is lower compared to the gains seen in Musk-associated assets like Tesla and SpaceX.
While SPY's performance was solid, it did not match the exceptional growth of Musk's ventures, indicating a more moderate impact on investors who track the broader market.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50