New Delhi: Tech billionaire and head of several major firms SpaceX, Tesla and Twitter Elon Musk has again overtaken LVMH chairman Bernard Arnault to become the world’s richest person. The ranking is a daily index of the world’s richest people, maintained by the Bloomberg Billionaires Index. The increase in Musk’s wealth is linked to the latest jump in Tesla stock price as they gained nearly 25% in the past month. Now, Musk is on top with an estimated net worth of USD 187.1 billion, with Arnault coming second with a net worth of USD 185.3 billion.
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In December 2022, Bernard Arnault, CEO of French luxury brand Louis Vuitton, reportedly overtook the CEOs of Tesla and Twitter when he was in second place for more than two months.
Musk remained the world’s richest person for several months after overtaking Amazon founder Jeff Bezos as the first richest person around September, 2021. Musk’s wealth once reached 340 billion in November 2021.
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Musk saw the biggest drop in his income last year when he lost more than $200 billion, becoming the first person in history to lose that much wealth during his lifetime. The reason for this was attributed to a sharp fall in Tesla shares, which fell almost 11% from the September 2021 price.
What is the reason for the fall in the price of Tesla shares?
Elon Musk bought the popular microblogging site Twitter this year for a whopping $44 billion. The Twitter saga with Elon Musk has spread throughout the year since he proposed the deal earlier this year. Finally, they had to complete the deal by the end of October after facing legal pressure.
Tesla shareholders lost confidence in Elon Musk because they believed the Twitter acquisition had alienated Musk from the company.