February 28, 2023

Elon Musk becomes world’s richest billionaire again, after Tesla stock surge adds $7 billion to his wealth

Posted By: ndeeney

Elon Musk is the top dog once again, becoming the world’s richest man due to a recent surge in Tesla stock.

© britta pedersen/Agence France-Presse/Getty Images

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.

Opinion: Why Tesla investor Ross Gerber backed down from his activist push for a board seat

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.

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