Although Musk owns a number of businesses, the majority of his money is invested in his electric car company Tesla.
Elon Musk has once more outdueled other billionaires to reclaim his position as the richest man in the world.
The electric car manufacturer Tesla’s stock increased 100% in January, increasing the billionaire’s net worth to $186 billion (£154 billion), according to the Bloomberg Billionaires Index, and things are looking up for him.
In December, Musk lost the title of the world’s richest person to fashion titan Bernard Arnault, according to Forbes’ real-time wealth tracker.
Musk and Arnault, who owns Louis Vuitton’s parent company LVMH, have lately been neck and neck for the top spot.
Arnault and his family became the richest people in the world as their fortune leapt to $185.4 billion. Their current net worth stands at $184 billion, just a few billion short of Musk’s.
If you’re getting a sense of deja vu, it’s because Musk did the same in 2022 and 2021 when he blew past rival Jeff Bezos to attain the rank of world’s richest person.
Musk owns a number of companies but the bulk of his wealth is tied up in his electric car company Tesla.
Last year, the Tesla co-founder slipped from the top of the billionaire’s list as shares in the automaker declined.
Musk kicked off the year by becoming the first person in history to lose approximately $2 billion. He even set a world record for the largest loss of personal fortune in history according to the Guinness World Records.
Now, an increased investor demand and customer interest in his recently discounted Tesla models, and a better economic forecast, have propped up his fortunes.
Musk made his debut on the Forbes list of billionaires in 2012 with an estimated net worth of $2 billion.
Currently, SpaceX is his most valuable company in which he has a $44.8 billion stake.
Besides Tesla and Twitter, which he bought for $44 billion last year, Musk also heads rocket company SpaceX and Neuralink, a startup developing interfaces to connect the human brain to computers.