With his net worth reaching an estimated $187.1bn, Elon Musk has regained his spot as richest person in the world, according to the Bloomberg Billionaires Index. Last year, the Tesla founder briefly lost the top rank to Bernard Arnault of luxury conglomerate LVMH, as shares in the automaker declined last winter.
Between November 2021 and December 2022, the Twitter owner’s net worth fell by over $200bn, one of the largest losses of wealth in recent history. That sum is equivalent to the GDP of Greece, and was greater than the entire net worth of the world’s next-richest man at the time, Arnault. The sudden collapse was driven by the rapid decline in the value of Tesla stock at that time.
But since 6 January this year, Tesla stock shot up 100 per cent, driven by increased investor demand, customer interest in recently discounted Tesla models, and a better economic forecast.
Last year marked the company’s worst year ever on Wall Street, losing $700bn amid investor fears about the impact of Covid in China and Musk’s controversial takeover of Twitter.
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