Elon Musk, CEO of Tesla and Twitter, has recovered the title of world's richest man. The Tesla billionaire's net worth increased from $137 billion at the beginning of the year to $187 billion at present.
According to reports, Musk regained his position after the stock price of his electric vehicle (EV) automaker Tesla surged by a staggering 100 percent following eight hours of trading. This aided Musk in accumulating $6.98 billion, contributing significantly to his net worth.
In addition, Bernard Arnault, creator, chairman, and chief executive officer of LVMH Mot Hennessy Louis Vuitton, made $3.69 billion on Monday.
Recall that Musk was dethroned as the richest man in the world by Bernard Arnault in December last year, falling to second place on the list for over two months. Bloomberg reported on Monday that a surge in Tesla shares has returned Musk to the top of its real-time Billionaires Index.
According to Bloomberg, Musk's net worth was $187.1 billion as of Monday after markets closed, just above Arnault's $185.3 billion fortune, who is currently in second place.
After holding the record for the largest fortune ever lost by a person in history, Musk's ascent to the top of the list has undoubtedly been praised. His net worth fell from approximately $340 billion in November 2021 to $137 billion in December 2022, making him the first individual in history to lose $200 billion.
Musk's return to the top is not wholly unexpected, given the growing demand for his Tesla electric vehicles. Musk closed the deficit with Arnault to less than $1 billion earlier this month due to signs of rising demand for Tesla's electric cars. Since the start of the year, Tesla's share price has increased by 65 percent to $201.29.
With the launch of two new gigafactories, one in Austin, Texas, and one in Berlin, 2022 was definitely a landmark year for Tesla's manufacturing, as the company underwent its greatest expansion in its history.
They have quadrupled the company's manufacturing capacity to two million electric vehicles per year, joining the existing sites in California and Shanghai.
During its ascent to the top of the electric vehicle market, Tesla's revenue growth has been as stunning as its production growth. Analysts forecast that the company's revenue will surpass $100 billion for the first time in its history in 2023.
Musk apparently owns approximately 25% of Tesla through shares and options, but has pledged more than 50% of his shares as collateral for loans.