Months After Bernard Arnault dethroned him as the world’s richest person, Tesla CEO Elon Musk is back as the world’s richest person again after overtaking Anault.
He rose again to world’s richest person after shares of the electric car maker rose about 24% in May, according to Eikon data.
Musk’s wealth jumped 40.3% year-to-date to $192 billion, the Bloomberg Billionaires Index showed.
Musk previously lost first place to LVMH CEO Bernard Arnault after shares of Tesla fell after his $44 billion acquisition of Twitter. Most of Musk’s wealth is tied to Tesla’s stock.
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Elon Musk is now the richest person in the world again, according to Bloomberg Billionaires Index’s updated figures Thursday.
How Musk Became Richest Again:
The Tesla CEO and owner of micro-blogging site, Twitter, had his wealth jump 40.3% this year to $192 billion, after shares of the electric car maker rose about 24% in May, according to Eikon data.
Musk owns about 13% of Tesla, according to FactSet data.
Why Musk Was Initially Dethroned:
Before Elon Musk was initially dethroned by Anault, he was the richest.
However, after buying Twitter for $44 billion Dollars, his worth plummeted and Anault overtook him.
Meanwhile, Musk is also the CEO of rocket manufacturer SpaceX and owns social media company Twitter.
Musk left Shanghai on Thursday, after a high-profile two-day visit. While in China, he met with foreign minister Qin Gang and other Chinese officials. The visit, which comes amid simmering U.S.-China tensions, was a sign China is an important market to Tesla, analysts have said.
During the visit, Qin sought to assure Musk that China is open to foreign businesses and would continue to offer a friendly business environment to them. Musk also reportedly signaled further expansion in China.
Shares of Tesla closed 1.38% higher on Wednesday at $203.93.
Tesla’s stock hit a two-year low in November when its share price dropped to $167.87, the lowest since November 2020. It was in part due to a sell-off that accelerated in the wake of Musk’s takeover of Twitter.
LVMH’s Arnault now trails behind Musk as the world’s second richest man at $187 billion, followed by Jeff Bezos, the billionaire founder of Amazon, according to Bloomberg data.
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