Elon Musk regains the World's Richest Person title after Tesla stocks surge 100%

Elon Musk regains the World's Richest Person title after Tesla stocks surge 100%

FPJ Web DeskUpdated: Tuesday, February 28, 2023, 02:14 PM IST
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Elon Musk regains the World's Richest Person title after Tesla stocks surge 100% | Image: Wikipedia

According to the Bloomberg Billionaires Index, Elon Musk has reclaimed his title as the world's richest person.

The CEO of the French luxury brand Louis Vuitton, Bernard Arnault, ousted the CEOs of Tesla and Twitter in December of last year.

For more than two months, Musk occupied the second position. Bloomberg reports that Elon Musk has returned to the top of the Billionaires Index following a spike in Tesla stock.

The estimates place Mr. Musk's net worth at about $187.1 billion as of Monday when the markets closed, exceeding Mr. Arnault's fortune of $185.3 billion.

The 70% spike in Tesla's stock price this year has increased Mr. Musk's wealth. As investors reinvest in riskier growth stocks amid evidence of economic momentum and a slower pace of Federal Reserve interest-rate hikes, it is about 100% higher than its intraday low on January 6, according to Bloomberg.

Tesla stocks

The CEO of Tesla, however, had one of the greatest losses in wealth in recent memory between November and December of last year, when his net worth dropped by almost $200 billion.

The unexpected drop was brought on by the sharp decline in the value of Tesla stock at the time. Because to investor concerns over the implications of Covid-19 in China and Mr. Musk's contentious takeover of Twitter, the business had its worst year ever on Wall Street last year, losing $700 billion.

While all of this is going on, the CEO of Twitter is cutting expenses at his newly acquired business, which he paid $44 billion for. In November, he claimed that the microblogging platform was losing around $4 million daily.

Twitter and layoffs

Recently, Twitter announced its ninth wave of layoffs, and the Mr. Musk-led administration fired more than 50 individuals.

In an effort to reduce costs after his acquisition, the billionaire slashed more than 3,700 positions at Twitter, or half of the company's staff.

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