• Wed. May 31st, 2023

Again, Elon Musk Becomes ‘World’s Richest Person

ByJustice Godfrey Okamgba

Feb 28, 2023

Elon Musk has reclaimed his position as the world’s richest person after briefly losing it to Bernard Arnault, the French tycoon behind luxury goods powerhouse LVMH.

The CEO of the French luxury brand Louis Vuitton dethroned Tesla, pushing him to second place for more than two months.

Bloomberg reports that a surge in Tesla stock has pushed Musk back to the top of the Billionaires Index.

Musk’s net worth was approximately $187.1 billion as of Monday, February 28, after the markets closed, surpassing Arnault’s $185.3 billion fortune.

Musk’s wealth was boosted nearly 70% surge in Tesla Inc.’s stock price this year, about 100% from its intraday low on January 6 as investors pile back into bets on riskier growth stocks amid signs of economic strength and a slower pace of Federal Reserve interest-rate increases.

The company has also benefited from more demand for its electric vehicles after cutting prices on several models.

Tesla shares rose from 5.5% to $207.63 at 4 p.m. in New York, boosting Musk’s net worth to $187.1 billion.

The 51-year-old tech boss entered 2023 with a net worth of $137 billion, after becoming the first person ever to lose $200 billion from their fortune and raising the prospect that he might struggle to reclaim his title as the world’s richest individual.

Musk’s loss came amid the fallout from his $44 billion purchase of Twitter, where he has laid off thousands of workers while wading into thorny political debates.

Tesla investors were concerned that Musk was spending so much time on Twitter trying to right the ship that he was “neglecting” Tesla while it suffered.


See also  Nigerian Naira Weeps on Official Market

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.