Elon Musk has moved back to the top of the rankings of the world’s richest people.
The surge in Tesla TSLA +5.46% stock has led to Musk regaining the crown he lost last year but he’s still nursing a huge loss on paper.
Tesla (ticker: TSLA) stock is up around 69% this year. That has driven Musk’s net wealth to around $187 billion, according to the Bloomberg Billionaires Index.
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That pushes Musk above the $185 billion net worth of Bernard Arnault, the CEO of LVMH Moët Hennessy Louis Vuitton (MC.France), who took the top spot late last year, largely due to the decline in Tesla shares.
Despite the recent rally, Musk –and smaller Tesla shareholders– are looking at a significant loss since the electric car maker reached its peak value in late 2021. That led Musk’s estimated wealth to peak at around $340 billion.
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Still, it’s a positive milestone for Musk ahead of Tesla’s investor event on Wednesday, which could cause the stock to move sharply. The hottest topic is the potential announcement of a lower-cost Tesla vehicle but it could need something special to keep driving shares higher.
Musk has promised to unveil “the path to a fully sustainable energy future for Earth” – if he gets anywhere close, he might be able to bank on holding onto the top spot for a while.
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