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Tuesday, May 30, 2023

Elon Musk Reclaims World’s Richest Man Position

Elon Musk Reclaims World’s Richest Man Position – According to the Bloomberg Billionaires Index, billionaire Elon Musk has surpassed France’s Bernard Arnault to reclaim his position as the world’s richest person, following a more than 90% increase in Tesla Inc’s stock price this year. On the other hand, Indian industrialist Gautam Adani’s fortune has been falling for over a month as a result of selling pressure in his Group stocks.

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According to the index, Tesla CEO Elon Musk’s net worth is $187 billion as of 28 February 2023, up nearly $50 billion or 36% in 2023 – exceeding the $185 billion personal fortune of Bernard Arnault, the French entrepreneur behind luxury goods powerhouse LVMH. According to Bloomberg data, Tesla’s gains have well exceeded the advance in the tech-heavy Nasdaq 100 Index, which is up roughly 10% in 2023.

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Musk entered 2023 with a net worth of $137 billion, making him the first person in history to lose $200 billion from their fortune and raising the likelihood that he may struggle to restore his status as the world’s richest person. Meanwhile , Adani, who was once comfortably ranked second in the world, has seen his net worth plummet the most this year, dragged by the Hindenburg report on January 24 that accused his company of wrongdoing.

With a fortune of $37.7 billion, he presently ranks 32nd in the world’s richest ranking. The Bloomberg Billionaires Index ranks the world’s richest persons on a daily basis. The wealth figures in New York are updated at the end of each trading day. Elon Musk, 51, is the CEO of Tesla, a company that offers electric vehicles and residential solar batteries.

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Musk is also the CEO of SpaceX, a rocket manufacturer chosen by NASA to resupply the International Space Station, and has a stake in social networking company Twitter. Musk made an offer to buy Twitter Inc for $44 billion in April 2022. The deal closed in October 2022. He stated earlier this month that he may need till the end of the year to fix Twitter’s finances. Musk’s return to the top spot has undoubtedly been celebrated, given he previously held the record for the biggest fortune ever lost by anyone in history. 


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