Elon Musk Reclaims Top Spot as World's Richest Person on Tesla's Stock Surge, Surpasses Bernard Arnault's Fortune by $1.8 Billion

Elon Musk: Elon Musk has reclaimed his position as the world's wealthiest person after briefly losing the title to Bernard Arnault of France. This surge in wealth is largely due to Tesla's stock price rising by nearly 70% in 2023, with the intraday low from January 6 now up around 100%. The interest in riskier growth stocks has grown due to signs of economic strength and a slower pace of interest-rate increases from the Federal Reserve, which has also helped Tesla's stock rise. Additionally, cutting the prices of several models has resulted in an increased demand for Tesla's electric vehicles.

Tesla's Stock Price Surge Boosts Elon Musk's Wealth

Tesla's shares have risen by 5.5% to $207.63 in New York, which has boosted Musk's net worth to $187.1 billion, according to the Bloomberg Billionaires Index. Arnault, the 73-year-old French tycoon behind luxury-goods powerhouse LVMH, has a personal fortune of $185.3 billion. Musk entered 2023 with a net worth of $137 billion, becoming the first person to ever lose $200 billion from their fortune. This raised concerns that he may struggle to reclaim his position as the world's wealthiest individual. Musk had been displaced atop Bloomberg's wealth index for over two months after a steep decline in Tesla's stock price.

Musk's Donations and Twitter Resignation Plans

Late last year, Musk made donations that didn't significantly impact his net worth. He gave 11.6 million Tesla shares to unnamed charitable causes between August and December, according to a disclosure in February. This was worth approximately $1.9 billion, based on closing prices on the days they were donated. Tesla investors had previously been worried that Musk was devoting too much attention to Twitter, which he acquired in October, while his electric carmaker faced heightened competition across the industry. Musk announced in December that he plans to resign from his post at the social-media platform once he finds someone "foolish" enough to take the job.

Must Read: Electric vehicle cost to reduce in India ? Domestic Lithium Reserves Discovered to Significantly Reduce Production Costs and Boost Sustainability Efforts

Tesla's Future Expansion Plans Discussed at Investor Day

This month, Musk stated that he might need until the end of the year to stabilize Twitter's finances before handing off to a new CEO. According to an analyst with RBC Capital Markets, Tesla's price cuts have spurred demand for its vehicles, and the company is the "poster child" of electric cars. Tesla is holding its 2023 investor day on Wednesday, and the company's leaders are expected to discuss their long-term expansion plans. Tesla's gains have far outpaced the rally in the tech-heavy Nasdaq 100 Index, which is up about 10% in 2023. Retail traders have had occasional bursts of speculative trading manias this year, and Tesla is a favorite among them.

Must Read: Earthquake of magnitude 4.3 jolts Gujarat’s Rajkot

Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER.