Elon Musk Reclaims Title of World's Richest Man with Tesla Stock Surge

John Lopez, Tech Times 28 February 2023, 08:02 am

Elon Musk, CEO of Tesla and SpaceX, has reclaimed his position as the richest man in the world. According to the daily Bloomberg Billionaires Index, Musk's net worth has ramped up to $187 billion, $7 billion more than on Feb. 27, due to a recent surge in Tesla stock.

Musk's current net worth surpasses Bernard Arnault, chairman and CEO of LVMH Moet Hennessy Louis Vuitton, by $2 billion. Arnault's current net worth is $185 billion.

Surging Tesla Stocks Boost Musk Top Billionaires List

The recent uptick in Tesla (TSLA) stock has been remarkable, with the electric-vehicle manufacturer's shares continuing to increase by nearly 70 percent in the past year alone. However, it is important to note that Tesla stock is still down 23% over the past year. Despite this, Tesla's stock closed Monday up 5% at $207.63.

According to Market Watch, Musk's wealth has improved by an astounding $50 billion just this year, making him one of the most successful business people in the world. He has been successful in surpassing Arnault, who has seen a gain of 16% in LVMH shares so far this year.

Musk has fallen to second place on the list of the world's richest people in December 2022 due to the 50% decline in the value of Tesla stock since the beginning of the year.

On Mar. 1, ET, Tesla will host an investor event that is anticipated to move the stock in either direction. The electric-vehicle manufacturer is expected to release a third-generation vehicle at a lower price, which could lead to a surge in Tesla stock. However, the opposite may occur if the event falls below investors' expectations.

About Tesla Investor Day 2023

Tesla will livestream its 2023 Investor Day from its Texas Gigafactory. Institutional and retail investors can attend in person and view Tesla's most advanced production line.

Tesla's leadership will also be available to discuss long-term expansion plans, the generation 3 platform, capital allocation, and other topics with investors.

This is a significant event for Tesla and its investors because it provides insight into the company's plans and enables investors to make informed investment decisions.

Tesla Stocks Affected by Twitter Acquisition

Musk's purchase of Twitter has weighed on Tesla's stock. As a result, the billionaire sold approximately $23 billion in EV maker stock last year. Despite this, Tesla has maintained its growth, so it is no wonder that Musk has reclaimed his title as the world's richest man.

According to reports from December 2022, some Tesla buyers are abandoning their purchases of electric vehicles due to CEO Elon Musk's trolling on social media.

Tech Times reported that while simultaneously splitting his time, Musk's turbulent leadership style appears to be hurting his other companies.

CNET cites multiple instances in which Musk engaged in controversial or provocative behavior on platforms such as Twitter, including making light of lockdowns and COVID-19 restrictions, spreading misinformation about the pandemic, and promoting conspiracies.

Musk has long been known for his unconventional personality and propensity for stirring up controversy, but according to reports, some Tesla buyers find his behavior to be a deal-breaker at the time.

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