Elon Musk is the top dog once again, becoming the world’s richest man due to a recent surge in Tesla stock.
On Tuesday, Musk was worth $187 billion – a rise of $7 billion from Monday, according to the daily Bloomberg Billionaires Index.
Tesla shares have soared almost 70% in the year to date, though the electric-vehicle manufacturer’s stock is still 23% down in the last 12 months.
Tesla stock closed 5% up at $207.63 on Monday.
So far this year, the Twitter and SpaceX CEO added $50 billion to his wealth. He’s overtaken Bernard Arnault, the chairman and chief executive of LVMH Moet Hennessy Louis Vuitton who is worth $185 billion. LVMH shares have gained 16% this year.
All eyes are on Tesla’s investor event on Wednesday, which could move the stock either way. The EV maker is expected to introduce a cheaper third-generation car model.
Tesla stock has been weighed down by Musk’s acquisition of Twitter, which led the billionaire to sell about $23 billion worth of the EV maker’s shares last year.