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After a rough 2022, Elon Musk is back on top as the world’s richest person.
What Happened: Electric vehicle giant Tesla Inc TSLA had its largest share price decline in 2022 since the company went public, with Tesla CEO Elon Musk’s wealth falling significantly in 2022 as a result.
Musk even earned a Guinness World Record for the biggest loss of wealth in one year. The Tesla CEO lost $182 billion in wealth from November 2021 to the end of 2022. Other sources saw Musk’s wealth drop by around $200 billion.
In December 2022, Bernard Arnault overtook Musk for the title of the richest person in the world. Arnault is the CEO of LVMH Moet Hennessy Louis Vuitton SA LVMUY.
Musk’s wealth comes from ownership stakes in SpaceX, Tesla and social media platform Twitter, which he acquired for $44 billion in 2022.
After seeing Tesla shares fall over 60% in 2022, Musk downplayed the stock performance.
“Don’t be too bothered by stock market craziness. As we demonstrate continued excellent performance, the market will recognize that,” Musk said in a memo to Tesla employees.
Related Link: 51 Facts And Figures About Elon Musk
Back on Top: Tesla shares rebounded in 2023, with the stock up over 90% year-to-date.
With Tesla shares up by more than 5% on Monday, Musk is now back on top as the world’s richest person according to Bloomberg.
Musk was closing in on Arnault in recent weeks. As of Friday, Musk had a wealth of $180 billion compared to Arnault at $182 billion.
On Monday, Musk is now the world’s richest person with an estimated wealth of $187.1 billion. Arnault ranks second on the list with a wealth of $185.3 billion.
Musk started 2023 valued at $137 billion and has seen his wealth soar once again as Tesla regains its value.
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Photo: Phanurak Rubpol, Ken Wolter on Shutterstock
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Image and article originally from www.benzinga.com. Read the original article here.