Elon Musk has reclaimed his position as the world’s wealthiest person, with an estimated net worth of $187.1 billion, according to the Bloomberg Billionaires Index.
The Index shows that Musk’s net worth increased to $187.1 billion as Tesla shares gained 5.5% to $207.63 at 4 p.m. in New York. That is more than Arnault’s personal fortune of $185.3 billion, the 73-year-old French tycoon behind luxury products powerhouse LVMH.
Reason for the increase: Nairametrics understands that Musk’s wealth has grown thanks to a nearly 70% increase in Tesla Inc.’s stock price this year. It’s nearly 100% higher from its intraday low on January 6 as investors re-invest in riskier growth companies amid indications of economic strength and a slower pace of Federal Reserve interest-rate hikes. After lowering prices on several models, the business has seen increased demand for its electric vehicles.
The backstory: As Tesla shares fell last December, the Tesla co-founder temporarily lost the top spot to Bernard Arnault of luxury conglomerate LVMH. According to Bloomberg, Tesla stock is up 100% since January 6, this year, driven by increased investor demand, customer interest in recently discounted Tesla models, and a better economic forecast.
Between November 2021 and December 2022, the net worth of Twitter’s owner dropped by over $200 billion, one of the largest losses of wealth in recent history.
Elon Musk entered 2023 with a net worth of $137 billion, making him the first person in history to lose $200 billion from their wealth and raising the possibility that he may struggle to reclaim his title as the world’s richest person. He was displaced atop of Bloomberg’s wealth index for more than two months due to a steep drop in Tesla, where he is CEO.
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. Based on the closing prices on the days it was given, the stock was worth approximately $1.9 billion.
Commendable contribution to charity