Elon Musk inches close to reclaim throne of world’s richest person
Despite losing 200 billion in 2022, Elon Musk is on a recovery, inching closer than ever to reclaim the throne of the world's richest person.
The 51-year-old tech billionaire climbed back to the second spot and is worth 188.6 billion at present, according to the most recent numbers posted on Forbes world's richest person list on Saturday.
Elon Musk may soon "reclaim the title of world's richest person," claimed a media report on Saturday. "Separating the Tesla CEO and first place within the wealth standings is simply $3 billion."
However, as per Forbes list of the world's richest people calculations, the current net worth of LVMH Mot Hennessy Louis Vuitton's Chairman and CEO, Bernard Arnault & family, is $209.5 billion, and Musk is at present 21 billion short of becoming number one.
The status quo was disrupted in mid-December when Bernard Arnault, a French executive, and CEO of LVMH, passed Elon Musk to become the richest person in the world.
With brands like Christian Dior, Louis Vuitton, Tiffany, and Veuve Clicquot Champagne among his interests, 73-year-old Arnault is renowned for his remarkable holdings in the prestigious company.
According to the Bloomberg Billionaires Index, Arnault's net worth on Dec. 13 was projected to be $171 billion, while Elon Musk's was $164 billion.
The race of the riches
While Musk's fortunes were hampered by a 65% decline in Tesla's stock prices last year, Arnault's were buoyed by the reopening of businesses throughout the world following two years of COVID lockdown.
Guinness World Records reported a loss of between $180 billion and $200 billion in 2022 for the Tesla CEO's personal fortune, which is mostly connected to his assets in the several businesses he owns and built.
However, the tides seem to be turning for the Twitter chief as Tesla bounces back.
The Austin-based manufacturer of electric vehicles posted solid fourth-quarter performance, with record-high demand for its automobiles.
The carmaker has begun production of its eagerly anticipated Cybertruck and intends to build up to 2 million vehicles this year.
Over the first 40 days of the year, these encouraging developments have caused the price of Tesla stock to rise 68.3%, adding $266 billion to the market capitalization.
Elon Musk's personal wealth has soared as a result; it is currently projected to be $186 billion, up $48.6 billion this year and just $3 billion below Arnault, claimed a report.
Looks like it's only a matter of time before Musk reclaims the title of world's richest person if Tesla's stock market boom continues, as many financial analysts anticipate.
Other tech billionaires are also making an impact on the ranks at the same time.
The value of Amazon's founder and executive chairman, Jeff Bezos, has increased by $15.2 billion to $122 billion.
Microsoft co-founder Bill Gates now has a net worth of $116 billion, an increase of $6.52 billion. Co-founder of Oracle Larry Ellison now has a $102 billion fortune, an increase of $9.7 billion.