Elon Musk becomes world's richest again on Tesla shares surge
1 min read . Updated: 28 Feb 2023, 07:52 AM IST
Premium- Elon Musk's wealth has surged on the back of rally in the electric carmaker Tesla’s stock
Billionaire Elon Musk has surpassed France's Bernard Arnault to regain his spot as the world’s richest person, as per the Bloomberg Billionaires Index, on the back of an over 90% surge in Tesla Inc’s stock price this year so far (YTD). Musk had entered 2023 with a net worth of $137 billion.
Tesla's chief executive Elon Musk's net worth stands at $187 billion as of 28 February 2023, as per the index, which is up about $50 billion or 36% in 2023 yet - exceeding the $185 billion personal fortune of Bernard Arnault who is the French tycoon behind luxury-goods powerhouse LVMH. Tesla’s gains have far outpaced the rally in the tech-heavy Nasdaq 100 Index, which is up about 10% in 2023, as per the Bloomberg data.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The wealth figures are updated at the close of every trading day in New York.
Elon Musk, 51, is the chief executive of Tesla, which sells electric vehicles and home solar batteries. Musk's also the chief executive of SpaceX, a rocket manufacturer tapped by NASA to resupply the space station, and has a stake in social networking company Twitter.
Musk owns about 13% of Tesla, according to a February 2023 regulatory filing. He also holds about 304 million exercisable stock options from his 2018 compensation package.
In April 2022 Musk offered to buy Twitter Inc for $44 billion. The deal closed in October 2022. He's calculated to own about 79% of the company based on external investors disclosed in May 2022. Its value is adjusted based on the price disclosed by investor Fidelity Inc. in a January 2023 filing. He said this month that he may need until the end of the year to stabilize Twitter’s finances before handing off to a new CEO.
(With inputs from Bloomberg)