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Elon Musk Reclaims Title of World's Richest Person as Tesla Stocks Skyrocket

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In December of last year, Bernard Arnault, the CEO of the French luxury brand Louis Vuitton, surpassed Elon Musk, the CEO of Tesla and SpaceX, to become the world's richest person. 

However, Elon Musk has since regained his title as the world's richest person, according to the Bloomberg Billionaires Index.

As of Monday, after the markets closed, it was estimated that Elon Musk's net worth was approximately $187.1 billion, surpassing Bernard Arnault's $185.3 billion fortune. 

This surge in Tesla's stock is said to have contributed to Mr. Musk's return to the top spot on the Billionaires Index.

Mr. Musk's fortune has grown by over 70% due to the increase in Tesla's stock price this year, and is nearly double its intraday low on January 6, as per Bloomberg. 

However, between November and December last year, Tesla Chief's net worth fell by over $200 billion, which was one of the largest losses of wealth in recent history.

The sudden crash in the value of Tesla shares at the time was caused by the company's worst year ever on Wall Street, losing $70 billion due to investor concerns about the impact of Covid-19 in China and Mr. Musk's controversial takeover of SolarCity.

In April 2022, Musk offered to buy Twitter Inc for $44 billion. The deal closed in October 2022. 

After taking over as CEO of Twitter, Elon Musk cut more than 3,700 jobs or half of the company's workforce. 

Recently, Twitter announced its eighth round of layoffs, and more than 50 people were fired by Mr Musk-led administration.

It is unfortunate to see people losing their jobs, especially in a tough economic climate. It remains to be seen whether these layoffs will improve Twitter's profitability and sustainability in the long run. 

It is essential for companies to find a balance between cost-cutting measures and maintaining a healthy and motivated workforce to achieve success.

Tesla's shares closed 5.46% higher at $207.63 on Monday's trade. 

Meanwhile, it has surged nearly 20% in the last month. Gains in Tesla's stock outpaced the rally in the tech-heavy Nasdaq 100 index, which is up about 11% in 2023.

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.

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