Elon Musk Is Back As The World’s Richest Man

Elon Musk, CEO of multiple ventures, once again claims the spotlight as he secures the title of the world’s richest individual. This achievement comes as shares of his electric vehicle company, Tesla, experience a significant 24% surge in May.

According to the Bloomberg Billionaires Index, Musk’s wealth has soared by 40.3% this year, reaching a staggering $192 billion USD, primarily driven by his 13% ownership stake in Tesla. This impressive growth has surpassed LVMH CEO Bernard Arnault, who previously held the top position. Arnault had briefly reclaimed the throne when Tesla’s shares faced a sharp decline following Musk’s acquisition of Twitter for $44 billion USD. It’s important to note that Musk’s wealth is closely tied to the success of Tesla, making it subject to volatility and dependent on the company’s performance.

In November, Tesla experienced a stock price drop, hitting a two-year low at $167.87 USD, coinciding with Musk’s Twitter takeover. As of now, Arnault occupies the second spot on the list with a net worth of $187 billion USD, closely trailing Musk. Following them is Jeff Bezos, the billionaire behind Amazon. At present, Musk’s net worth stands at approximately $192 billion USD. Arnault’s temporary surpassing of Musk occurred in December due to the booming success of luxury goods sales, leading to a surge in Arnault’s wealth. LVMH shares have seen a 19.7% increase this year, while Tesla’s shares have risen by an impressive 65.6% year-to-date.

As the race among billionaires continues, the question remains as to who will be the next contender capable of dethroning Elon Musk from his current position of wealth supremacy.