Elon Musk regains title of richest person in the world after turbulent year

Posted By: ndeeney

Tesla CEO Elon Musk is once again the richest person in the world after three months of having lost the title.

Musk was last at the top of the list of global billionaires in February but only held on to the title for 48 hours, as Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, beat him. The two grappled for the title two other times in December 2022.

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Currently, Musk’s net worth is calculated by Forbes as $220.2 billion, which is $4.2 billion bigger than Arnault’s by Thursday’s market close. This comes as his electric car company, Tesla, increased its stock by 4.6% to $235 in its 10th consecutive day of gains. Musk’s net worth fluctuates rapidly because much of it is tied to Tesla’s stock.

Twitter, now X. Corp, and Tesla CEO Elon Musk poses prior to his talks with French President Emmanuel Macron, Monday, May 15, 2023 at the Elysee Palace in Paris. More than 200 international business leaders are expected Monday at the ‘Choose France’ event staged at the palace of Versailles this afternoon to promote foreign investment.

(AP Photo/Michel Euler, Pool)

Tesla sold a record 1.3 million vehicles in 2022 despite its volatile stock value. Sales grew by 47% from the previous year.

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Musk lost a reported estimated $182 billion from November 2021 to January 2022, beating the previous placeholder for the worst loss of fortune in history, Masayoshi Son, who lost $58.6 billion in 2000. When adjusted for inflation, Son’s loss would be worth $100 billion today.

Musk’s net worth reportedly dropped to $137 billion as of January 2023 from $320 billion in 2021.

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