New York: Tesla CEO Elon Musk reclaimed his throne as the richest man on earth Thursday, wrestling the title away from LVMH chairman Bernard Arnault as shares of Musk’s electric vehicle giant surged to their highest level this year.
The CEO of Tesla and rocket firm SpaceX and the owner of Twitter became the world’s richest person Wednesday morning, overtaking French luxury goods tycoon Bernard Arnault, who had been the world’s No. 1 richest since December 2022. Musk was worth an estimated $215.9 billion as of around 10:15 am ET Wednesday, putting him $700 million ahead of Arnault, the CEO and chairman of LVMH.
But at the end of the day Wednesday, after Tesla shares retreated from their morning high, Musk dropped back to No. 2 in the world, worth $213.5 billion— about $800 million less than Arnault.
A stunning surge in the price of Tesla stock this year briefly lifted Musk–who owns 23% of the electric car company, including options–back to the top spot. Tesla shares have risen more than 110% since the beginning of 2023, helping Musk add nearly $70 billion to his fortune since early January.
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