Following a temporary loss to Bernard Arnault, the French entrepreneur who controls the LVMH luxury goods powerhouse, Elon Musk has reclaimed the title of world’s richest man.
For more than two months, the Tesla CEO was pushed to second place by the CEO of the French luxury label Louis Vuitton when he deposed him.
The Billionaires Index has Musk back at the top, according to Bloomberg, thanks to a rise in Tesla stock.
As investors re-enter bets on riskier growth firms amid evidence of economic improvement and a slower pace of Federal Reserve interest-rate rises, Musk’s fortune has increased by almost 70% this year and about 100% from its intraday low on January 6.
After lowering the price of various models, the firm has also profited from an increase in demand for its electric vehicles.
At 4 p.m. in New York, Tesla shares rose from 5.5% to $207.63, increasing Musk’s net worth to $187.1 billion.
After being the first person ever to lose $200 billion from their fortune, the 51-year-old software executive started 2023 with a net worth of $137 billion, increasing the possibility that he could find it difficult to restore his position as the world’s richest person.
Musk’s loss occurred in the wake of his $44 billion acquisition of Twitter, when he fired thousands of employees while getting involved in contentious political discussions.
Tesla shareholders had expressed concerns that Musk was ‘neglecting’ Tesla by spending so much time trying to turn around Twitter.
Musk’s net worth surpassed Arnault’s $185.3 billion fortune as of Monday, February 28, after the markets closed.
After being the first person ever to lose $200 billion from their fortune, the 51-year-old software executive started 2023 with a net worth of $137 billion, increasing the possibility that he could find it difficult to restore his position as the world’s richest person.
Musk’s loss occurred in the wake of his $44 billion acquisition of Twitter, when he fired thousands of employees while getting involved in contentious political discussions.
Tesla shareholders had expressed concerns that Musk was ‘neglecting’ Tesla by spending so much time trying to turn around Twitter.
