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Elon Musk is the Richest Person in the World Again

Elon Musk
Elon Musk is the Richest Person in the World Again. Credit: Heisenberg Media / CC BY 2.0 / Wikimedia Commons

According to Bloomberg Billionaires Index, Elon Musk has been crowned the world’s richest person once more as Tesla stock soared on Monday, increasing his net worth by $7bn.

Twitter’s owner returned to the top spot after a steep drop in his wealth towards the end of 2022 when he became the first person ever to gain and then lose $200bn. Musk’s net worth peaked at approximately $340bn in November 2021 before falling to around $128bn at the start of 2023.

Musk’s wealth has significantly increased this year thanks to the impressive growth of Tesla Inc.’s stock price by nearly 70%.

Since hitting its lowest point on January 6, the stock price has risen by around 100%, attracting investors to take more risks by investing in growth stocks.

The strong economic outlook and the Federal Reserve’s decision to slow down its interest-rate increases have further encouraged investors. Additionally, Tesla has experienced a surge in demand for its electric vehicles following its decision to reduce prices on many models.

Musk surpassing Arnault

Top 10 Richest People in the World
Top 10 Richest People in the World, according to Bloomberg Billionaires Index (Dated March 1, 2023). Credit: Bloomberg

Following a substantial increase of 5.5% in Tesla’s stock price, CEO Elon Musk has overtaken Bernard Arnault, the French billionaire behind the luxury goods empire LVMH, to claim the top position on the Bloomberg Billionaires Index.

With a personal fortune exceeding $187 billion, Musk is now considered the wealthiest person in the world.

Tesla’s CEO entered 2023 with a net worth of $137 billion, after significant losses on Tesla. When he became the first person in history to have lost an incredible $200 billion from their fortune, some speculated that he might not be able to regain his position as one of the world’s wealthiest individuals.

Concerns from Tesla investors

Tesla investors showed concern that Elon Musk is spending too much time on Twitter, which he purchased in October. Meanwhile, Tesla was facing tough competition in the electric car industry.

In December, Musk announced that he intends to step down from his role at Twitter, but only after finding someone who is willing to take the job. He recently stated that it might take until the end of the year to improve Twitter’s finances and appoint a new CEO.

Many more challenges for Musk

Despite its success, Tesla still faces challenges, such as increased scrutiny of its driver assistance technology. On February 16, the company issued a recall of 362,000 vehicles after regulators found that its Full Self-Driving Beta software failed to follow traffic laws.

Tesla and its CEO, Elon Musk, are also facing another lawsuit filed by shareholders on Monday. The lawsuit alleges that the company’s repeated exaggeration of the car’s self-driving capabilities constitutes fraud.

The lawsuit also focuses on the financial impact of Tesla’s failed autopilot features, which resulted in a decline in the company’s share price following investigations by the National Highway Traffic Safety Administration and the Securities and Exchange Commission.

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