Elon Musk reclaims world’s richest man title

Again at the top of the list of the richest persons in the world is Elon Musk. Musk has regained the title he lost last year thanks to the spike in Tesla TSLA +5.46% shares, but he still has a sizable loss on paper.

By Oculus Network

Tesla’s stock has increased by almost 69% this year (ticker: TSLA). Musk’s net worth has increased as a result, reaching approximately $187 billion, according to the Bloomberg Billionaires Index.

With that, Musk surpasses Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton (MC.France), who gained the top rank late last year, partly as a result of the decrease in Tesla shares, with a net worth of $185 billion.

Despite the recent rebound, Musk and smaller Tesla stockholders still face a sizable loss because the electric vehicle manufacturer’s valuation peaked in late 2021. Musk’s estimated wealth peaked at about $340 billion as a result.

Still, it’s a triumph for Musk ahead of Wednesday’s investor gathering, which might see a big reversal in the market. The introduction of a cheaper Tesla vehicle is the trendiest subject, but it might require something unique to keep driving shares higher.

Musk has pledged to reveal “the way to a truly sustainable energy future for Earth”; if he succeeds, he may be able to count on maintaining his position atop the leaderboard for some time.