Elon Musk Regains the Position of the World’s Richest Person

SAN FRANSICO: After a gap of about two and half months, Elon Musk returns to reclaim the title of the World’s Richest Person.

Due to the fall in share values for a multitude of his brands and the hiccups with procuring the popular microblogging website, Twitter, the multi-billionaire lost his title of being the richest person to Bernard Arnault. This incident had taken place in the middle of December of 2022 taking the owner of Tesla, SpaceX and Twitter to the second spot.

Bernard Arnault is the Chief Executive Officer of the French luxury brand Louis Vuitton. He had replaced Elon Musk temporarily from the position for these two and half months. According to the estimates published by Bloomberg Billionaires Index, Bernard Arnault has assets with a valuation of around $ 185.3 billion.

A surge in the stock prices of the vehicle brand Tesla propelled the assets of the owner Elon Musk to an approximately $ 187.1 billion at the end of trading hours on Monday. Thus overtaking Bernard Arnault to reclaim the position at the top of the list.

The automobile manufacturing brand Tesla has seen a massive boost in its stock prices in recent times. The brand saw a near 70% growth since January. The current price is nearly double the intraday lowest value that the shares had seen on January 6. This growth has been attributed to the re-investment by investors in riskier stocks amidst signs of recovery of the economies and the slower pace of the hikes in interest rates by the Federal Reserve.

Elon Musk saw his net worth fall by over $ 200 billion in the last two months of the previous year owing to several factors including post covid market fluctuations and hassles regarding Twitter which caused losses of nearly $ 4 million per day after its procurement for $ 44 billion.

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