Who is the richest man in the world? Title belongs to Elon Musk. He took over the leadership of Tesla owner Bernard Arnault. The Bloomberg Billionaires Index confirms this today, February 28. Tesla’s shares closed up 5.5% on Wall Street, and Musk’s fortune reached $187.1 billion. Arnault, chairman and CEO of LVMH Moët Hennessy Louis Vuitton, is worth $185.3 billion.
The Bloomberg Billionaires Index ranks the world’s 500 richest people by net worth. It gains insights through the value of publicly traded stocks, economic indicators, and news spread by industry news organizations.
After months of difficulties following the Twitter acquisition, this is a significant result for Musk. The billionaire recently admitted that he will likely need more time to stabilize the social network – meanwhile, staffing has been drastically reduced – perhaps by the end of the year. Only then will the flag move to a new CEO.
The ups and downs about Twitter also spread to Tesla. Stocks took a hit, with shareholders alarmed by the specter that shares of the electric car giant would be further sold by Musk to cover the costs and expenses of acquiring the company. Despite the fears, Tesla closed the fourth quarter with a 59% increase in profits to $3.7 billion and revenues up 37% to 24.3 billion.
To find an Italian, you must advance to number 28 with Giovanni Ferrero from the confectionery group.
Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
