Elon Musk Reclaims His Spot As The World’s Wealthiest Person
According to the Bloomberg Billionaires Index’s updated figures on Thursday 1st June, Twitter and Tesla CEO Elon Musk is once again the richest person in the world.
As per the tally, Elon Musk is now worth about $192 billion while LVMH CEO Bernard Arnault is now worth $187 billion and Amazon’s founder Jeff Bezos is in third place. The two billionaires (Musk and Arnault) for months on end have been neck and neck for the pole position.
However, this is the first time since December 2022 that Musk has had an edge on Arnault. Elon Musk’s recent ‘triumph’ over the LVMH CEO is thanks to a stock dip in LVMH’s stock price on Wednesday after it fell by 2.6% in Paris trading.
In September 2021, Tesla stock was on the rise and Musk’s net worth surpassed that of Jeff Bezos, CEO of Amazon. This was when he first clinched the title of richest in the world.
Arnault overtook Musk for the pole position back in December 2022 as the tech industry struggled while the luxury goods industry showed resilience. Tesla stock dipped following Musk’s acquisition of Twitter and the valuation of Twitter was disclosed to be way lower than the $44 billion he had paid.
The news of Musk topping the wealth ranks comes merely days after it was revealed that Twitter is currently worth about a third of what he paid for it. Musk himself has previously admitted that he overpaid for the platform.
According to the Bloomberg Billionaires Index, Musk’s investment in Twitter is currently worth $8.8 billion. However, while Twitter has struggled, Tesla on the other hand has soared.
Tesla stock hit a two-year low in November 2022 dipping to $167.87. However, since then, Tesla stock has been on the rise and as of Wednesday stood at $203.93 after a 1.3% increase.
Elon Musk owns about 13% of the vehicle company and thanks to the soaring stock price, the company is responsible for a $55 billion increase in his wealth this year alone. How well Tesla has been doing has offset the toll that the Twitter acquisition has put on his wealth.
Other than Twitter and Tesla, the world’s richest man also runs SpaceX, Neuralink, The Boring Company, and is in the process of building an all-purpose app under the tag X. SpaceX is currently set to play a key role in making man interplanetary.
Neuralink on the other hand just received approval from the FDA to begin human tests as the company looks to install chips in human brains that can help in tackling disabilities.
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