Tesla stock surge propels Elon Musk to regain world's richest person title

Elon Musk, the CEO of Tesla and owner of Twitter, has regained his position as the world's wealthiest individual after briefly losing it to Louis Vuitton CEO Bernard Arnault in December 2022.

Much of Elon Musk's wealth is tied to his significant ownership stakes in companies such as Tesla and SpaceX.

According to Bloomberg, Elon Musk has regained his title of the world's wealthiest person as Tesla's stock prices have risen. Musk was temporarily surpassed by Bernard Arnault in December 2022 due to a decline in Tesla shares, but has now regained the top spot after two months. Bloomberg estimated that Musk's fortune was now $187.1 billion.

Musk has experienced a significant increase in his wealth at the start of 2023 due to Tesla's stock surging almost 100%. This has resulted in his wealth increasing by over $50 billion since the beginning of the year.

The rise in Tesla stock is a significant recovery from last year, where the stock faced major losses, causing Musk to lose billions of dollars in wealth.

Despite this, Musk sold his Tesla shares four times in 2022. The surge in stock prices comes right before Tesla's first Investor Day event, scheduled to take place on March 1st at its Gigafactory located in Austin, Texas.