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Elon Musk Is Once Again The Richest Person In The World

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Elon Musk Is Once Again The Richest Person In The World
28 Feb 2023
6 min read

News Synopsis

According to the Bloomberg Billionaires Index, Elon Musk is once again the world's richest person, with a net worth of $187 billion. Last year, the Tesla and Twitter CEO was surpassed by Bernard Arnault of luxury brand LVMH, whose current fortune is estimated to be $185 billion.

Musk was the world's second wealthiest person for more than two months before being unseated by Arnault following the collapse of Tesla shares in December 2022. But, since January, the stock of the electric car maker has increased by 100%, ending at $207.63 on Monday. Improved investor demand and customer interest in discounted Tesla vehicles have fueled this increase.

Tesla has reduced pricing in order to improve sales in the face of rising competition and a sluggish economy.

Musk has teased the public for years with his ambition of an affordable electric car. Expanding into the general market is key to Tesla's goal of achieving 20 million vehicle deliveries by 2030. The low-cost vehicle is supposed to be the centrepiece of Musk's "Master Plan Part Three," which he will unveil at an "Investor Day" on Wednesday.

Before, Tesla's precipitous drop was accompanied by Musk's chaotic acquisition of Twitter and a tech sector economic slowdown. Musk is also the first individual in history to lose $200 billion in fortune, as his net worth of $340 billion fell to $137 billion between November 2021 and December 2022.

Musk joked in 2021 that if he topped Amazon founder Jeff Bezos in the richest billionaire list, Bezos would receive a silver medal and a statue of the number two, a tribute to their ongoing rivalry. Musk, Arnault, and Bezos have regularly shifted the top three spots on the billionaire's list, with the Blue Origin founder presently in third place with a net worth of $117 billion.