Tesla and Twitter CEO Elon Musk has reclaimed the title of the world’s richest man. The Tesla billionaire started the year with a net worth of $137 billion and is now currently worth $187 billion.
According to reports, Musk reclaimed his position after the stock price of his EV automotive company Tesla, increased by a whopping 100% after 8 hours of trading. This helped Musk amass $6.98 billion, adding a significant increase to his net worth.
Also, founder, chairman, and chief executive officer of LVMH Moët Hennessy Louis Vuitton Bernard Arnault made $3.69 billion on Monday.
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Recall that Musk was displaced from the number spot of the top richest man by Bernard Arnault in December of last year, making Musk No. 2 on the list for more than two months. As of Monday, Bloomberg reported that a rally in Tesla stock has lifted Musk back to the top of its real-time Billionaires Index.
Musk’s net worth was $187.1 billion as of Monday after markets closed, according to Bloomberg, just topping the $185.3 billion fortune of Arnault who currently sits in the second position.
Musk’s rise to the number one spot once again has no doubt been lauded, after he held a record for the biggest fortune ever lost by anyone in history. He became the first person ever to lose $200 billion in wealth after his net worth slid from some $340 billion in Nov. 2021 to $137 billion in Dec. 2022.
Meanwhile, Musk’s rise back to the stop isn’t entirely surprising, due to the increased demand for his Tesla electric vehicles. Earlier this month, Musk narrowed the gap on Arnault to less than $1 billion amid indications of increased demand for Tesla’s electric cars. Since the beginning of the year, Tesla’s share price rose by 65% to $201.29.
2022 was indeed a monumental year for production at Tesla after it underwent the largest expansion in its history, with the opening of two new gigafactories, one in Austin, Texas, and the other in Berlin.
They join the existing facilities in California and Shanghai and have doubled the company’s manufacturing capacity to two million electric vehicles per year.
Tesla’s revenue growth has been just as impressive as its production growth during its rise to the top of the electric vehicle industry. But in 2023, analysts are predicting revenue will cross $100 billion for the first time in the company’s history.
Musk reportedly owns about 25% of Tesla between stock and options but has pledged more than half his stock as collateral for loans.
Tesla and Twitter CEO Elon Musk has reclaimed his crown as the world’s wealthiest person, Bloomberg reports. Musk’s net worth was just north of $187 billion after Monday’s market close, edging out luxury brand LVMH CEO Bernard Arnault’s $185.3 billion fortune. Musk’s comeback was fueled by a resurgence in Tesla stock: Shares in the electric vehicle giant have rebounded 70% this year after taking hits in late 2022 amid his Twitter takeover and tech’s wider downturn. Late last year, Musk also achieved the distinction of being the first person to lose $200 billion in wealth, CNN notes. Rounding out the top five of Bloomberg’s Billionaires Index behind Musk and Arnault are Jeff Bezos ($117 billion), Bill Gates ($114 billion) and Warren Buffett ($106 billion). (Source: LinkedIn)