Elon Musk’s position as the world’s richest person was restored in June thanks to a surge in Tesla stock (TSLA). Elon Musk is once again at the top after Tesla’s stock price increased by over 24% in May. Earlier, at the end of 2022, Bernard Arnault of LVMH became the richest man in the world for several months after the electric vehicle manufacturer’s share price dropped due to Musk’s acquisition of Twitter. Still in third place is Jeff Bezos, creator of Amazon.
According to Eikon, Musk’s fortune grew by 40.3% in 2017. The jump in Tesla’s share price has reportedly increased the CEO’s net wealth to $192 billion. Elon Musk owns around 13% of Tesla, according to FactSet. His whole fortune is largely invested in Tesla stock.
Last year, Elon Musk held the title of richest man in the world. He dropped to second place, though, after spending $44 billion to acquire Twitter. The market did not favor his acquisition of the microblogging platform, and Tesla stock dropped. The CEO of luxury goods manufacturer LVMH, Bernard Arnault, surpassed Musk to claim the title of richest person in the world. Arnault is once again in second place with a net worth of roughly $187 billion.
This year, the stock price of Tesla Motors has increased significantly. Elon Musk, the CEO, is as wealthy as it is expensive. Although Musk also owns Twitter, SpaceX, the Boring Company, and other businesses, the valuation of Tesla in the stock market is a key factor in determining his worth.
While Tesla has experienced a value increase of 65.5 percent to date, the top in the luxury goods sector, LVMH, has seen its stock climb by less than 20 percent in 2023 despite appearing to be recession-proof. Elon Musk has been able to restore his title as the richest person in the world thanks to this.
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