Tesla boom re-earns Musk title of world’s wealthiest man

The centibillionaire's net worth has grown exponentially over the past year.

Published: June 1, 2023 4:05pm

Elon Musk has reportedly once again been crowned the richest man in the world after a highly successful past year for his electric vehicle (EV) company, Tesla.

The Bloomberg Billionaires Index was updated on Wednesday and placed Musk ahead of fellow centibillionaire Bernard Arnault for the #1 spot. Musk’s net worth is now estimated at $193 billion, while Arnault’s is approximately $187 billion, down over $5 billion from the last time the index was changed. 

Year to date, Musk has apparently added more than $55 billion to his net worth. This comes as no surprise as it coincides with Tesla’s past year of massive growth. As of June 1, the EV giant’s stock was up 12% over the last five days, more than 27% in the last month, and has soared a whopping 92% year to date.

But the road back to the top wasn’t easy. Tesla stock over the past year was highly volatile after Musk acquired Twitter for $44 billion. 

Because the vast majority of Musk’s wealth is directly tied to his shares in Tesla, the volatility displaced Musk as world’s richest man in favor of Arnault, a French art collector and investor.

Musk’s net worth could soar significantly higher if predictions around Tesla’s stock come to fruition. Investor and Ark Invest CEO Cathie Wood predicted in May that the stock could climb over 1,000% to $2,000 per share in just the next few years. Its price is currently just over $207 per share at the time this article was published.

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