Elon Musk Regains His Spot as the World’s Richest Person. (Image credit- Bloomberg)
The CEO of Tesla and SpaceX, Elon Musk, has reclaimed the title of the wealthiest person in the world. Musk’s net worth has increased to $187 billion, up $7 billion from February 27 according to the daily Bloomberg Billionaires Index, thanks to the recent surge in Tesla shares.
Bernard Arnault, chairman and President of LVMH Moet Hennessy Louis Vuitton, is currently $2 billion wealthier than Elon Musk. Arnault currently has a $185 billion net wealth.
Tesla’s (TSLA) stock has experienced a remarkable recent upswing, with shares of the electric car manufacturer’s company rising by nearly 70% just over the past year. It is crucial to remember that Tesla stock is still down 23% from where it was a year ago. Even so, Tesla’s shares ended Monday up 5% at $207.63.
One of the wealthiest businesspeople in the world, according to Market Watch, Musk’s fortune has increased by an astounding $50 billion just this year. He has succeeded in outpacing Arnault, who has seen LVMH share prices rise 16% so far this year.
Due to the 50% drop in the value of Tesla stock since the start of the year, Musk has dropped to second place on the list of the world’s wealthiest individuals in December 2022.
Tesla will host an investor event on Mar. 1 ET that could influence the stock either positively or negatively. An increase in Tesla sales may result from the electric vehicle manufacturer’s anticipated release of a third-generation car at a lower price.
Tesla’s Texas Gigafactory will broadcast its 2023 Investor Day live online. Investors from both institutional and retail backgrounds can come in person to see Tesla’s cutting-edge manufacturing facility.
The executive team at Tesla will also be accessible to speak with investors about long-term expansion plans, the generation 3 platform, capital allocation, and other issues.
Because it sheds light on the company’s plans and empowers investors to make wise investment choices, this is an important event for Tesla and its investors.
Also read: Elon Musk plans to reclaim the title of richest person in the world
Tesla’s stock has suffered as a result of Musk’s acquisition of Twitter. As a consequence, the billionaire sold shares of EV manufacturers last year for about $23 billion. Tesla has continued to expand despite this, so it is understandable that Musk has reclaimed the title of the richest person in the world.