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Elon Musk Regains His Spot as World’s Richest Man as Tesla Shares Surge

In December 2022, Musk was unseated from the first position by Bernard Arnault

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Sadaf Hasan
Sadaf Hasan
Aspiring reporter covering trending topics

UNITED STATES: The Bloomberg Billionaires Index says that Elon Musk is once again the richest person in the world, with a net worth of $187 billion. The Twitter and Tesla chiefs briefly lost the title last year to France’s Bernard Arnault, CEO of luxury brand LVMH, whose current wealth is estimated at $185 billion.

Musk was the second-richest person in the world for more than two months after being replaced from the top spot by Arnault following the crash of Tesla shares in December 2022.

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However, the stock of the maker of electric vehicles has increased 100% since January and closed at $207.63 on Monday. This growth has been helped by investors wanting to buy more shares and customers wanting to buy discounted Tesla cars.

Tesla recently lowered its prices to boost sales in the face of more competition and a slowing economy. Musk has long teased the world with his vision of a low-cost electric vehicle. To reach Tesla’s objective of doubling car deliveries to 20 million by 2030, the company must enter the mass market. The low-priced vehicle is anticipated to be the centerpiece of Musk’s ‘Master Plan Part Three,’ which he will present at an ‘Investor Day’ on Wednesday.

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In the past, Tesla’s quick fall was caused by a downturn in the tech industry and Musk’s random purchase of Twitter. Musk also holds the distinction of being the first person to ever experience a $200 billion wealth loss after his $340 billion net worth fell to $137 billion between November 2021 and December 2022.

In 2021, when Musk edged out Amazon founder Jeff Bezos on the richest billionaire list, he joked that Jeff Bezos would get a silver medal and a statue of ‘number two,’ in a reference to their continuing rivalry. 

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The top three positions on the billionaire’s list have alternated regularly between the trio of Musk, Arnault, and Bezos, with the founder of Blue Origin currently ranked third with a net worth of $117 billion.

Also Read: California Is Still Home for Tesla Engineering HQ, Says CEO Musk


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