Surge In Tesla Stock Put Elon Musk Back To ‘World’s Richest Person’ Title

The Tesla boss and new owner of Twitter, Elon Musk has regained his spot back of being the world’s richest person after staying at number two on the list for about two months.

Naija News gathered that, according to Bloomberg, a surge in Tesla stock is responsible for Musk’s regained status back to the top of the Billionaires Index.

It was learnt that Tesla shares rose from 5.5% to $207.63 at 4 p.m. in New York, boosting Musk’s net worth to $187.1 billion.

The Tesla boss was moved to number two on the list about two months ago by the CEO of the French luxury brand, Louis Vuitton, Bernard Arnault.

However, the nearly 70% surge in Tesla Inc.’s stock price this year, about 100% from its intraday low on January 6 as investors pile back into bets on riskier growth stocks amid signs of economic strength and a slower pace of Federal Reserve interest-rate increases surged Musk’s wealth back to number one.

As of Monday, February 28, after the markets closed, Musk’s net worth was approximately $187.1 billion, surpassing Arnault’s $185.3 billion fortune.

Musk, who lose $200 billion from his fortune after his $44 billion purchase of Twitter was criticised by Tesla investors to have been concentrating much on Twitter, ‘neglecting’ Tesla to suffer.

However, Tesla has now benefited from more demand for its electric vehicles after cutting prices on several of its models.