Last Update: February 28, 2023, 08:57 IST
Elon Musk tops Bloomberg’s richest people list again
Tesla’s Elon Musk is back on top of Bloomberg’s list of the world’s richest people in 2023 after Tesla shares surged more than 70 percent.
Tesla’s Elon Musk Tesla is back at the top of Bloomberg’s list of the world’s richest people in 2023 after shares surged more than 70 percent.
Kasturi has regained her place as the world’s richest person after a volatile few months that saw her wealth plummet amid a selloff in tech stocks and several controversies. As markets closed on Monday, Musk’s net worth ended at about $187.1 billion, according to the Bloomberg Billionaires Index, overtaking Bernard Arnault, whose family owns the world’s leading luxury conglomerate, LVMH. Bloomberg estimated Arnault’s wealth at $185 billion.
Arnault fired Musk last year as Tesla shares plunged in December. Tesla’s stock price hit a low of $108.10 on January 3, 2023, according to historical data from Yahoo Finance. The carmaker’s stock closed at $207.63 on Monday.
After last year’s uproar, in which Musk bought Twitter after some uncertainty about whether he would follow through on the deal, and was hit with a lawsuit by Tesla shareholders at the time, Musk has had a better 2023 so far.
However, Musk’s fortune at the end of 2021 is well below the peak of over $300 billion. Since then, he funded his $44 billion purchase of Twitter by selling nearly $20 billion in Tesla shares.
Tesla declines in value in 2022 as tech stocks suffer amid rising interest rates. But since January, investors have flocked back to Tesla, even as Mr. Musk has been distracted by running Twitter.
It may take a little longer for Musk to overtake Bernard Arnault, CEO of French luxury brand LVMH, after he revealed he gave away some 11.6 million Tesla shares to unnamed charitable causes. The shares were worth about $2.4 billion based on average prices on the days Musk donated these securities.
The revelation came as Musk narrowed the gap to Arnault to less than $10 billion in 2023 amid signs of growing demand for Tesla’s electric vehicles.
Tesla’s CEO and largest individual shareholder, previously donated nearly $6 billion in shares in the company in 2021, making it one of the largest donations in history.
Number 3 on the list is Amazon founder Jeff Bezos with an estimated net worth of $117 billion.
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