After Elon Musk lost the title of the world’s richest man on a net worth basis due to a steep decline in Tesla (NASDAQ: TSLA) shares in 2022, now the electric vehicle maker’s stock is the reason the billionaire is ready to regain the title.
Tesla shares are up 74% this year, especially after Elon Musk slashed prices on all of Tesla’s electric models.
At the close of trading on February 15, 2023, Tesla shares rose 2.38%, bringing the company’s market capitalization to $677.87 billion. With this, Elon Musk’s net worth reached $191 billion, just $1 billion less than Bernard Arnault’s $192 billion net worth.
Arnault is the chief executive of LVMH Moet Hennessy Louis Vuitton, which is one of the largest manufacturers of luxury goods in the world (Louis Vuitton, Sephora, etc.)
How Bernard Arnault became the richest man in the world
Elon Musk was overtaken by Bernard Arnault in December 2022 amid a shortage of Tesla electric cars in stock. That’s how much Elon Musk lost in 2022, with Guinness World Records naming him the person with the biggest drop in fortune in history, according to Teslarati.
However, since Tesla’s stock bounced back this year, Musk has steadily gained and is now within striking distance of the world’s richest man.
While Musk’s net worth has grown by $54.2 billion this year, it’s still well below his all-time highs. At the end of 2021, Musk’s fortune was estimated at more than $300 billion.
2022 was a tough year for Musk and Tesla. The Shanghai Gigafactory, the largest factory where Tesla’s electric cars are assembled, has been shut down amid Covid-related lockdowns.
In addition, the American billionaire sold Tesla shares to acquire the social media platform Twitter. The decision resulted in a notable drop in the electric vehicle maker’s shares. However, this year will likely be quite different for Tesla.
What helps Elon Musk become the richest man in the world in 2023
American electric vehicle manufacturer Tesla could begin deliveries of the Tesla Cybertruck pickup this year. For the electric pickup, Musk already has a lot of orders.
Tesla may also launch a facelifted version of the Model 3 sedan later this year, featuring exterior improvements and a new infotainment system.
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Elon Musk (52 years old) runs Tesla, SpaceX, Neuralink, and The Boring Company. As co-founder and CEO of Tesla, Elon leads all product design, engineering, and global manufacturing activities for the company’s electric vehicles, batteries, and solar products.
Tesla’s first product, the Roadster sports car, appeared in 2008, followed by the Model S sedan in 2012 and the Model X SUV in 2015. In 2017, Tesla began delivering the Model 3 and introduced the Tesla Semi. In 2019, Tesla unveiled the Cybertruck, as well as the Model Y compact SUV, which began shipping to customers in early 2020.
Elon co-founded and sold PayPal, the world’s largest Internet payment system, and Zip2, one of the first Internet maps and directions services.
Elon Reeve Musk was born on June 28, 1971, in Pretoria, South Africa. Elon Musk twitter: Twitter.com/elonmusk