Elon Musk regains the title of the richest person in the world

Elon Musk retakes the top spot as the richest person on the planet, according to the millionaires index Bloomberg. After experiencing a 40% increase in his wealth during the year 2023, Musk has managed to accumulate the impressive sum of 192,000 million dollars, placing himself once again at the top of the list of the richest individuals, a position that he has already held on previous occasions.

The main reason behind this change lies in the recovery of Tesla. When the company’s shares tumbled late last year, Musk’s position came under threat. However, with his 13% stake in Tesla, the recent 24% rise in stock value has netted roughly $83 billion for the mogul.

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Although Tesla shares have yet to reach their all-time high of $359, they have resumed their successful trajectory after reaching a low of $167 in November 2022. One of the factors contributing to Tesla’s decline at the time was Musk’s decision to tie the value of the company’s shares to the purchase of Twitter.

Meanwhile, Bernard Arnault, the French magnate who owns the LVMH luxury goods group, is experiencing a situation similar to what Musk faced in November. Arnault, recognized by brands such as Louis Vuitton, Tiffany & Co and Christian Dior, has seen his fortune dwindle to $187 billion, according to Bloomberg data. In the ranking of the richest people, Jeff Bezos, founder of Amazon, ranks third.

Musk’s list of companies is extensive. Although Tesla represents its greatest success, it also owns numerous other companies. SpaceX obtained a new round of financing worth 137,000 million dollars in January 2023. In the case of The Boring Company, its value is estimated to reach 10,000 million dollars. Although companies like X.ai and Neuralink have yet to achieve such high valuations and are not considered “unicorns,” this categorization falls short for Musk.

Some of the projects undertaken by Musk, such as Halcyon Molecular, were not successful, while others, like OpenAI, ended up in the hands of third parties. Musk has openly acknowledged his mistakes in the past, referencing his artificial intelligence company.

Finally, we find the case of Twitter. While the rest of his companies generate profits, Twitter represents a financial hole. Although Twitter’s revenue reached $5.22 billion in 2022, the company suffered losses of $270 million. Musk has acknowledged that Twitter is a wreck. Despite the fact that in March it was estimated that the company was worth half of the 44,000 million dollars it cost, currently its valuation has been reduced to a third, according to the Fidelity fund.

Source: Elcomercio

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