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Elon Musk regained his status as the richest man in the world.

Published: 2023-02-28

The basis of Elon Musk's wealth is formed by his Tesla shares, so the increase in their market value by more than 90% since the beginning of this year has allowed the head of the largest electric car manufacturer to regain the status of the richest person in the world. Musk now has $187.1 billion in assets.

That doesn't put him that far away from his closest competitor, Bernard Arnault, who heads luxury goods company LVMH. The fortune of the 73-year-old French entrepreneur is estimated at $185.3 billion, after last year's Tesla share price decline, he for some time ousted Elon Musk from the top of the ranking of the richest people in the world.

Last year, Musk's wealth fell by $ 200 billion, updating a record drop, and at the beginning of this year, the American billionaire had only $ 137 billion. Having bought Twitter at the end of October, Elon Musk immediately aroused investor concern with his potential inability to pay enough attention to his main brainchild - the company Tesla. The stock quotes of the latter predictably rushed down, but the new year brought confidence that the automaker's business has a sufficient margin of safety for dynamic development even in the face of a sharp decline in prices for sold electric vehicles. Musk must find a new Twitter CEO before the end of the year, a promise that has also reassured Tesla investors. This week, Elon Musk is due to speak to them about the possibility of reducing the cost of producing electric vehicles, and these expectations also fuel demand for the company's securities.