Elon Musk has regained his spot as the world’s richest person, after briefly losing the title to France’s Bernard Arnault.
Musk’s wealth has been buoyed by a nearly 70% surge in Tesla Inc.’s stock price this year. It’s up about 100% from its intraday low on Jan. 6 as investors pile back into bets on riskier growth stocks amid signs of economic strength and a slower pace of Federal Reserve interest-rate increases. The company has also benefited from more demand for its electric vehicles after cutting prices on several models.
Tesla shares rose 5.5% to $207.63 at 4 p.m. in New York, boosting Musk’s net worth to $187.1 billion, according to the Bloomberg Billionaires Index. That exceeds the $185.3 billion personal fortune of Arnault, the 73-year-old French tycoon behind luxury-goods powerhouse LVMH.
Musk, 51, entered 2023 with a net worth of $137 billion, becoming the first person ever to lose $200 billion from their fortune and raising the prospect that he might struggle to reclaim his title as the world’s richest individual. He was displaced atop Bloomberg’s wealth index for more than two months after a steep slide in Tesla, where he’s chief executive officer.
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