Elon Musk: The World's Richest Person Once Again
by FARUK IMAMOVIC | VIEW 392
Elon Musk, the CEO of Tesla, has regained the title of the world's richest person, according to Bloomberg data. After being displaced from the first place by Bernard Arnault, CEO of LVMH, for over two months, Musk's net worth of $187.1 billion has surpassed Arnault's fortune of $185.3 billion.
Tesla Stock Price Rally
The rise in Tesla (TSLA) shares has been the driving force behind Musk's return to the top of the real-time billionaire index. Shares of Tesla fell significantly in 2022, but have since rallied, drawing investors back to the electric vehicle maker.
The company's stock price began the year at $108 and closed at $207 after yesterday's trading, adding $50 billion to Musk's personal worth.
Largest Fortune Lost in History
While Musk holds the title of the world's richest person, he also holds the record for the largest fortune lost in history. Late in 2022, Musk's net worth fell from around $340 billion in November 2021 to $137 billion in December 2022, marking a loss of $200 billion.
Despite this, the tech market has seen some revival since January, with tech company founders and investors, such as Jeff Bezos and Bill Gates, also adding billions to their net worth.
Twitter Acquisition and Lawsuits
Musk's acquisition of Twitter and subsequent stoppage of paying rent for its offices have caused a number of lawsuits.
However, as the din at Twitter seems to be quieting down, the risks taken by Musk could finally bear fruit. Despite these ongoing legal issues, the CEO must be delighted that the social media platform is not going bankrupt anytime soon.
Lead Over Arnault
At present, Musk holds a $2 billion lead over Arnault and is likely to extend it over the coming days. As the rise of Tesla stock price continues to be in sync with other tech stocks that had dwindled in 2022, the future looks bright for the world's richest person.