Elon Musk is world’s richest person again after 100% Tesla stock surge.

Elon Musk is once again the richest person in the world with a net worth of $187 billion, according to Bloomberg Billionaires Index. The Tesla and Twitter chief had lost the top spot last year to Bernard Arnault of luxury brand LVMH, whose current fortune is estimated at $185 billion.

Musk was the second wealthiest person in the world for over two months after being unseated from the first position by Arnault following Tesla shares tanking in December 2022. However, from January, the electric carmaker’s stock has shot up 100 per cent, closing at $207.63 on Monday. This surge has been boosted by improved investor demand and consumer interest in discounted Tesla vehicles.

Tesla cut prices recently to boost sales amid rising competition and a weak economy.

Musk has for years teased the world with his dream of an affordable electric car. Expanding into the mass market is critical to meeting Tesla’s goal to increase vehicle deliveries to 20 million by 2030. The low-priced car is expected to be the centrepiece of Musk’s ‘Master Plan Part Three’, which he will offer at an ‘Investor Day’ on Wednesday.

Tesla’s rapid decline earlier was accompanied by Musk’s chaotic acquisition of Twitter and an economic downturn in the tech sector. Musk also holds the title of the first person ever to lose $200 billion in wealth after his net worth of $340 billion plunged to $137 billion from the period November 2021 to December 2022.

In 2021, when Musk beat Amazon founder Jeff Bezos in the richest billionaire list, he joked that Bezos will receive a silver medal and a statue of the number two, in a nod to their ongoing rivalry. The trio of Musk, Arnault, and Bezos have constantly switched the top three spots in the billionaire’s list with the Blue Origin founder currently in the third place with $117 billion net worth.

Source- Hindustan Times.

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