According to Bloomberg Billionaires Index’s updated figures Thursday, Elon Musk is the wealthiest person in the world again.
The Tesla CEO saw his wealth jump 40.3% this year to $192 billion, after shares of the electric car maker rose about 24% in May, according to Eikon data. Musk owns about 13% of Tesla, according to FactSet data.
Tesla has become the most valuable car brand in the world, according to the latest survey from Brand Finance. The electric-car pioneer
Its brand value skyrocketed by 44% to $66.2bn, making it the first car brand to take pole position from traditional combustion engines. This is the first time that Tesla has grabbed the top spot, surpassing last year’s leader, Mercedes-Benz, whose brand value fell by 3% to $58.8bn.
He is also the CEO of rocket manufacturer SpaceX and owns social media company Twitter.
Musk’s brain-implant company Neuralink has recently received the US Food and Drug Administration’s (FDA) approval to launch its first in-human clinical study.
The company announced the decision on Twitter, saying the approval “represents an important first step that will one day allow our technology to help many people.”
Elon Musk signals further expansion in China
Musk left Shanghai on Thursday, after a high-profile two-day visit. While in China, he met with foreign minister Qin Gang and other Chinese officials. The visit, which comes amid simmering U.S.-China tensions, was a sign China is an important market to Tesla, analysts have said.
During the visit, Qin sought to assure Musk that China is open to foreign businesses and would continue to offer a friendly business environment to them. Musk also reportedly signaled further expansion in China.
In April Tesla announced it will be expanding in China by building a new factory there to make its large-scale batteries.
The plant in Shanghai will be able to produce 10,000 of its “Megapack” energy storage units a year, the firm says. A Megapack is a very large battery that can be used to help stabilize energy grids and prevent power outages.
Musk was knocked out of first place by LVMH CEO Bernard Arnault in December after shares of Tesla fell after his $44 billion acquisition of Twitter.
In late May the French billionaire had $11.2 billion wiped from his fortune in one day over concerns that a softening US economy will dampen demand for luxury goods.
The founder of LVMH — whose offerings include Louis Vuitton handbags, Moet & Chandon champagne and Christian Dior gowns — had seen his wealth balloon for most of 2023 as share prices of European luxury companies surged.
LVMH shares fell 5 percent in Paris — the most in over a year — amid a broader decline that erased about $US30 billion from the European luxury sector.