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HomeBusinessBillionaire Elon Musk displaces Bernard Arnault to become richest person as Tesla...

Billionaire Elon Musk displaces Bernard Arnault to become richest person as Tesla stock rises

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Credit Frederic Legrand – COMEO

Tesla stocks rose in May and made Elon Musk regain his top spot in the global billionaire list. Elon Musk is back at No. 1 as the stock of Tesla rose by roughly 24 percent in May. Earlier, when the electric vehicle maker’s share price fell due to Musk’s acquisition of Twitter, LVMH’s Bernard Arnault became the richest man in the world for several months, at the end of 2022. Amazon founder Jeff Bezos remains at No. 3.

Eikon data states that Musk increased his wealth by 40.3 percent this year. The Tesla CEO is reportedly worth $192 billion after the rise in Tesla’s share price. As per FactSet data, Elon Musk owns roughly 13 percent of Tesla. Almost all his wealth is in the form of Tesla shares.

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Elon Musk had been the richest person in the world last year, as well. However, he lost the top spot after he bought Twitter for $44 billion. His acquisition of the micro blogging platform was not well received by the market and the shares of Tesla fell. Luxury goods maker LVMH’s CEO Bernard Arnault overtook Musk and became the richest person in the world. Now Arnault, with a net worth of about $187 billion, is back in second position.

Tesla Motors has seen a sharp rise in stock price this year. Its price determines the wealth of its CEO Elon Musk. Although Musk is also the owner of Twitter, SpaceX, the Boring Company and more, his wealth is tied to the value of Tesla in the stock market.

Although the luxury goods market leader LVMH seems to be recession proof, its stock has seen a less than 20 percent rise in 2023, while Tesla has seen a 65.5 percent rise in value to date. This has helped Elon Musk regain the position of the richest person in the world.

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Elon Musk Is Briefly Overtaken by Bernard Arnault as World’s Richest Man

 

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