Addis Ababa, Ethiopia (01 March 2023)

After losing his title as the world’s richest person in December 2022, Tesla CEO Elon Musk has once again reclaimed the top spot, according to Bloomberg’s Billionaires Index. As of Monday, March 1st, Musk’s net worth is estimated at $187.1 billion, surpassing that of Bernard Arnault, CEO of luxury brand LVMH, who has a net worth of $185.3 billion.

Musk’s return to the top of the list comes after a surge in Tesla stock in 2023, which has been steadily climbing since declining sharply last year. In contrast, Arnault’s LVMH has benefited from pent-up demand from the wealthy following the easing of COVID-related shopping and travel restrictions.

Despite his current position, Musk still holds the record for the biggest fortune ever lost by anyone in history. Late last year, Musk’s net worth slid from $340 billion in November 2021 to $137 billion in December 2022, making him the first person to lose $200 billion in wealth. He also had to sell many of his Tesla shares to fund his acquisition of Twitter.

Musk’s brief stint as the second richest person in the world lasted just over two months, after being unseated by Arnault in December. With the recent rally in Tesla stock, however, it seems that Musk has regained his position at the top of the billionaires’ list.

Source: Bloomberg, CNN


The opinions expresses here in the post "Tesla's Stock Rally Propels Elon Musk Back to #1 on Billionaires List" are those of the individua's contributor(s) and do not necessarily reflect the views of Business Info Ethiopia , BIE Intelligence PLC, its publisher, editor, or any of its other contributors.


Hanna is an aspiring economist in her final year at Addis Ababa University. She has written hundreds of insightful daily stories, analyses, and features about the Ethiopian economy and beyond.

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