Elon Musk Regains His Title as World’s Richest Person
Home News Elon Musk Regains His Title as World’s Richest Person
News - February 28, 2023

Elon Musk Regains His Title as World’s Richest Person

Elon Musk has regained his place as the world’s richest man. This comes as his net worth increased to $187 billion due to the strong performance of Tesla’s share prices. Bloomberg billionaires index revealed that Tesla shares gained 5.5% to 207.63, nearly a 70% increase.

The Tesla Chief lost the position to Bernard Arnault of luxury conglomerate LVMH when his net worth fell by over $200 billion between November and December 2022. The fall which was regarded as one of the largest losses of wealth in recent history displaced him as the world’s richest man for more than two months.

How Elon Musk regained his title

After the fall, Musk began 2023 with a net worth of $137 billion. Reports say since the intraday low recorded by Tesla on January 6, the stock has been up 100%. This comes as investors prioritise riskier growth companies amid economic strength indications and a slower pace of Federal Reserve interest-rate hikes. Tesla which lowered prices on several model vehicles has also seen an increase in demand for its electric vehicles.

Gains in Tesla’s stock outpaced the rally in the tech-heavy Nasdaq 100 index which is up about 11% in 2023. While Musk’s Tesla continues to perform well, Bernard Arnault, the 73-year-old French tycoon was named among the billionaires who became poor this week.

More on Elon Musk

The chief executive of Tesla is known for his various business ventures and technological advancements. Musk is also the chief executive of SpaceX, a rocket manufacturing company, and has a stake in the social networking company Twitter. Also, Musk cofounded tunnelling startups Boring Company, SolarCity, and Neuralink.

SpaceX is worth $127 billion. It quadrupled its value in three years after a funding round in May 2022. Musk has invested in several other futuristic technology ventures. This has made him one of the richest tech leaders in the world today.

Leave a Reply

Check Also

How Ugandan Millionaire Mohammed Hamid Risks Losing Five-Star Hotel Due to $160-Million Debt

Ugandan millionaire, Mohammed Hamid, a prominent figure in Uganda’s business landscape, is…