Elon Musk is again the world's richest person after briefly being under the position of LVMH CEO Bernard Arnault in December 2022. Tesla's stock rally has lifted Musk back to the top of the real-time Billionaires Index.
Quoting Forbes, Monday (27/2), Musk's net worth is $187.1 billion. Meanwhile, Arnault's wealth is $185.3 billion.
Tesla shares fell sharply last year amid Musk's troubled acquisition of Twitter and the broader market decline in the technology sector. However, the electric vehicle maker's shares are surging back in 2023.
Despite returning to become the richest man in the world, Musk also holds the record for the largest reduction in wealth in history.
Late last year, Musk became the first person to lose $200 billion worth, after his net worth fell from an estimated $340 billion in November 2021 to $137 billion in December 2022.
Most of Musk's wealth is tied up in Tesla, whose stock has plunged 66 percent in 2022. Demand for Tesla (TSLA) has weakened as competition for electric vehicles from established automakers soared last year.
The company missed its growth target and therefore had to reduce production in China.
Evidence of plunging car buyer interest in Tesla became clear last month after the company announced a rare sale in a bid to clear stock.
Tesla is offering two price discounts for buyers who take delivery of the vehicle before the end of the year.
The company initially offered a $3,750 discount. Then they doubled their discount to SU$7,500 two weeks before 2022 ended.
Neither did Musk's $44 billion purchase of Twitter help Tesla stock or Musk's personal fortune. He previously sold $23 billion worth of Tesla shares since his interest in Twitter.