June 5, 2023: Elon Musk is the wealthiest individual in the world, according to Bloomberg Billionaires Index’s revised figures on Thursday.
The Tesla CEO caught his fortune bounce 40.3% this year to $192 billion after shares of the electric car maker increased about 24% in May, according to Eikon information. Musk holds about 13% of Tesla, according to FactSet data.
Musk was knocked out of first place by LVMH CEO Bernard Arnault in December after shares of Tesla decreased after his $44 billion acquisition of Twitter. Most of Musk’s wealth is linked to Tesla’s stock.
He is also the CEO of rocket manufacturer SpaceX and owns the social media company Twitter.
On Thursday, Musk left Shanghai after a high-profile two-day visit. While in China, he met with foreign minister Qin Gang and other Chinese officials. The holiday, amid poaching U.S.-China tensions, was a sign that China is an essential market to Tesla, analysts have said.
During the visit, Qin sought to assure Musk that China is open to foreign businesses and would continue offering them a friendly business environment. Reportedly, Musk also signaled further expansion in China.
In November, Tesla’s stock hit a two-year low when its share price dropped to $167.87, the lower since November 2020. It was partly due to a sell-off that accelerated after Musk’s appropriation of Twitter.
According to Bloomberg information, LVMH’s Arnault now trails behind Musk as the globe’s second wealthiest man at $187 billion, followed by Jeff Bezos, the billionaire inventor of Amazon.
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The old prestige pyramid—where Ivy League degrees and blue-chip consulting backgrounds paved the way to the CEO seat—is cracking.
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