jordan pulse -
Elon Musk has regained his place as the richest person in the world, after losing the title briefly to Frenchman Bernard Arnault.
Musk's wealth was boosted by the nearly 70% rise in Tesla's share price this year, and Tesla shares rose nearly 100% from their lowest level on January 6, as investors returned to bets on higher-risk growth stocks amid signals On economic strength and the slow pace of interest rate increases by the Federal Reserve, the company also benefited from increased demand for its electric cars after cutting prices on several models.
Tesla shares rose 5.5% to $207.63 at 4 pm. In New York, bringing Musk's net worth to $187.1 billion, according to the Bloomberg Billionaires Index.
That surpasses the $185.3 billion personal wealth of the 73-year-old French businessman, Bernard Arnault, whose vast majority of his wealth comes from his stake in luxury goods company Louis Vuitton.
Musk, 51, entered 2023 with a net worth of $137 billion, becoming the first person to lose $200 billion of his wealth and raising the possibility that he may struggle to regain his title as the world's richest person. But within a short period of time, Mask succeeded in regaining the title again.
The donations Musk made late last year have not affected his net worth much. He gave 11.6 million shares of Tesla stock to unnamed charities between August and December, according to a filing in February. The value of the donated stake was about $1.9 billion, based on closing prices on the days of the donation.
Tesla investors were concerned that he was devoting too much of his attention to Twitter, which he acquired in October, at the same time that his electric car maker was facing stiff competition across the industry. Musk said in December that he intended to resign from his position on the social media platform as soon as he finds someone who is "foolish" enough to take the job, in Musk's words.
And he said this month that he may need until the end of the year to stabilize Twitter's finances before handing it over to a new CEO.
Tesla's gains have far outpaced the rise in the tech-heavy Nasdaq 100, which is up about 10% in 2023. This year has included intermittent bursts of speculative mania among retail traders — and Tesla is a favorite among that group.
Al-Arabiya net