Elon Musk has regained his spot as the world’s richest man, unseating LVMH’s Bernard Arnault who briefly assumed the position this year after Tesla’s stock had taken a beating along with Musk’s net worth.
Bezos, Gates, and Buffett aren’t even close. Thanks to a 5.5% surge in TSLA stock today, 51-year-old Musk’s net worth jumped to $187.1billion, while 75-year-old Arnault has seen his net worth drift slightly lower in the last week or so (after LVMH’s strong gains early on), back to only $185.3.
Tesla has recovered to a $650bn market cap (up $315 billion in market cap year-to-date). Their gains this year (+92% YTD) have far outpaced the rally in the tech-heavy Nasdaq 100 Index, which is up about 10% in 2023, and crushed LVMH’s return year-to-date (+14% YTD). Musk’s fortune peaked at $340 billion on Nov. 4, 2021 so he is probably still feeling somewhat poorer.