Elon Musk regained his place as the richest man in the world, losing the title in December last year to the Frenchman Bernard Arnault.
In accordance with bloombergMusk’s wealth has been boosted by almost 70% by rising prices for Tesla shares this year 2023.
He explained that since their intraday low on January 6, they have risen by almost 100% as investors returned to bet on riskier growth stocks amid signs of economic strength and a slower pace of rate hikes by the US Federal Reserve (Fed).
On the other hand, Tesla benefited from increased demand for its electric vehicles after price cuts on several models.
According to the Billionaires Index bloombergTesla shares rose 5.5% to $207.63 at 4:00 pm in New York, which brought Musk’s fortune to $187.1 billion.
With this figure, the 51-year-old Musk exceeds his personal fortune. 185.3 billion ArnoThe 73-year-old French tycoon behind the power plant Luxury goods LVMH.
French tycoon Bernard Arnault | Photo: Reuters
Also Twitter CEO started this 2023 with net worth $137 billionbecoming the first person to lose $200 billion of his fortune, raising the possibility that it will be difficult for him to regain the title of the richest man in the world.
After Tesla’s heavy fallthe billionaire was removed from the top of the wealth index bloomberg over two months.
As Musk reported, at the end of 2022, he gave 11.6 million Tesla shares to unspecified charitable causes, he reported in February. However, donations did not greatly affect his net worth.
At the same time, uncertainty was growing among Tesla investors as they pointed out that Musk was paying too much attention to Twitter, a social network acquired in October. at the same time, the electric car maker is facing increased competition in the sector.
Source: Aristegui Noticias
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.
