Tesla CEO Elon Musk.
| Photo Credit: Reuters
After a brief slip, Tesla CEO Elon Musk has reclaimed the title of the richest person on the planet as of February 28 morning, according to the Bloomberg Billionaires Index.
Mr. Musk’s was unseated by France’s luxury brand Louis Vuitton’s owner Bernard Arnault last December. But a surge in Tesla share pricing after market closing on Monday has reversed positions and helped Mr. Musk climb back to the top spot. Elon Musk’s worth now stands at $187 billion as per the index, exceeding the $185 billion personal fortune of Mr. Arnault.
Between November 2021 and December last year, Mr. Musk’s wealth fell by over $200 billion due to a rapid decrease in Tesla shares — making Mr. Musk the first person ever to lose that much fortune. The Tesla chief’s net worth dipped from $340 billion in November 2021 to $137 billion in December 2022. This was a time when Mr. Musk had taken over Twitter after a contentious legal battle and COVID-19 had begun to surge again in China. Tesla lost almost $700 billion on Wall Street due to investor apprehensions.
Twitter recently announced it is cutting more than 3,700 jobs in the company — almost half of the workforce — to further trim down costs post the acquisition.
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