In breaking news, Elon Musk has regained his title as the world’s wealthiest person with an estimated net worth of $187.1 billion, according to the Bloomberg Billionaires Index. This comes as Tesla shares gained 5.5% to $207.63 at 4 p.m. in New York, contributing to the increase in Musk’s net worth. The 70% increase in Tesla’s stock price this year, as well as increased demand for its electric vehicles, were the key drivers of the surge in Musk’s wealth.
Last December, Musk temporarily lost the top spot to Bernard Arnault of luxury conglomerate LVMH as Tesla shares fell. However, Bloomberg reports that Tesla stock has risen by 100% since January 6, driven by increased investor demand, customer interest in recently discounted Tesla models, and a better economic forecast.
Musk’s net worth had taken a hit between November 2021 and December 2022, dropping by over $200 billion, one of the largest losses of wealth in recent history. This made him the first person in history to lose $200 billion from their wealth, raising doubts about his ability to reclaim his title as the world’s richest person.
It’s worth noting that Musk’s net wealth was unaffected by donations he made late last year. According to a February disclosure, he gave 11.6 million Tesla shares to unnamed charitable organizations between August and December, with the stock worth approximately $1.9 billion based on the closing prices on the days it was given.
Musk’s current net worth of $187.1 billion places him ahead of Arnault’s personal fortune of $185.3 billion, the 73-year-old French tycoon behind luxury products powerhouse LVMH. With the continued growth of Tesla and Musk’s business empire, the possibility of him retaining the title of the world’s wealthiest person seems increasingly likely.
