Elon Musk has reclaimed his position as the richest person in the world.
The stock price of Tesla has gone up this year, which has helped the billionaire’s wealth.
Bloomberg said on Tuesday that Elon Musk is once again the richest person in the world because the price of Tesla’s stock has nearly doubled since the beginning of 2023.
Musk is back at the top of the Bloomberg Billionaires Index. In late December, he fell to the second spot. As of the close of markets on February 27, the billionaire’s wealth was said to be $187.1 billion, which was $1.8 billion more than LVMH’s Bernard Arnault.
The rise in Musk’s wealth is due to the stock price of his electric car company, Tesla, which has nearly doubled since January 6, when it hit a low point.
The agency said that investors have gone back to betting on riskier stocks because there are signs that the economy is getting better and the Federal Reserve is slowing down the rate of rate hikes.
After lowering the prices of several Tesla models, the car company has also benefited from more people wanting electric cars.
Last April was the first time that Musk was at the top of the Forbes list of the world’s wealthiest people. He had a fortune of $219 billion. Back then, the CEO of Tesla had taken over the top spot from Jeff Bezos, and Arnault was in third place.
Late in November, Musk’s wealth was around $340 billion, but by late December, it had dropped to $137 billion. He lost more than $200 billion, making him the first person in the world to do so.