CEO of Tesla, Space X dethrones the French billionaire Arnault
According to the Bloomberg Billionaires Index, billionaire Elon Musk has regained his position as the richest person in the world with a net worth of $ 187 billion.
The CEO of Tesla and Space X, Musk was ousted from the position of the richest person in December 2022 by Bernard Arnault, CEO of French luxury brand Louis Vuitton.
After spending more than two months at No. 2 on the list, Musk is now back at the top. As per the Bloomberg Billionaires Index report of Monday, Elon Musk’s net worth is estimated to be $187 billion, exceeding Bernard Arnault’s $185 billion. The value of Tesla as of January 2023 has increased by 68.56%.
Between November and December of last year, the chief executive officer of Tesla had a net worth decline of almost $200 billion, which was one of the largest losses. The Twitter acquisition drama and an increase in interest rates both contributed to a decrease in Tesla’s share price in 2022. The business suffered its worst year ever on Wall Street last year, losing $700 billion as a result of investor concerns over the consequences of Covid-19 in China and Musk’s acrimonious takeover of Twitter.
In October 2022, Musk paid $44 billion to acquire Twitter and now he has control over the micro-blogging service. He is also in charge of Starlink, which presently has more than 3,500 satellites in orbit and is the largest communications constellation in the world.
Due to a 70% gain in Tesla’s stock price this year, Musk’s net worth has increased. According to Bloomberg, it is about 100% higher than its intraday low on January 6 as investors reinvest in riskier growth firms amid positive economic indicators and a more gradual increase in Federal Reserve interest rates.
In addition to serving as CEO of Neuralink, The Boring Company, and PayPal, the serial entrepreneur is a co-founder of OpenAI. Musk quit OpenAI due to a conflict of interest and is currently hiring people for a lab that would develop a substitute for OpenAI’s ChatGPT.
The 51-year-old Elon Musk, 2022 saved Tesla from bankruptcy by producing more than 1.3 million electric automobiles. In addition, Space X, which also faced bankruptcy, radically changed how people might enter space by drastically decreasing the number of reusable rockets available.