Elon Musk, CEO of Tesla, has regained his place as the world’s richest person. This popular figure has caught the attention of the entire world, and now that he’s back on top, the news is spreading quickly. This occurred due to a significant increase in Tesla’s stock, having risen about 24% in May. His overall wealth jumped approximately 40.3% year-to-date, reaching $192 billion, according to the Bloomberg Billionaires Index. The extraordinary success of Tesla and Musk’s other business endeavors has culminated to a point where the CEO ranks number one once more.
He resurfaces as number one on the list after spending time under LVMH CEO Bernard Arnault. This occurred after Musk acquired Twitter, priced at $44 billion, when Tesla stocks abruptly fell. The dip has been short-lived, as Musk is back on top of the world again after that fall in April 2022.
As most of Musk’s wealth is tied to Tesla’s stock, the company significantly affects his overall worth. According to sources like FactSet data, Musk owns 13% of Tesla, so he and Tesla tend to rise and fall in tandem.
In addition to Tesla, Musk is the CEO of rocket manufacturer SpaceX. Combined with Twitter, he has a substantial amount of holdings that have put him in the position he’s in today. All of his primary investments will serve him well in the future, poising him for unprecedented success.
This update surfaced last Thursday, putting him in first place again, and occurred after Musk returned from a trip to Shanghai, where his high-profile visit lasted two days. Musk met with Foreign Minister Qin Gang and other notable Chinese officials during the journey.
This trip comes amidst a tense environment between China and the United States, implying that Tesla’s connection to China is essential to the company’s success. According to analysts, Tesla is looking at options that could impact the financial forecast.
This visit to Shanghai focused on a collaborative discussion where Qin assured Musk that China is still open to conducting business with Tesla. The result has both parties looking toward more activity from Tesla in China. This will surely increase the company’s value and Musk’s overall worth, projecting him to hold his spot as number one for quite some time.
Despite setbacks like the fall of Tesla’s stock in April 2022, Elon Musk’s worth has risen back to the top. Resiliency like this shows that Musk is adaptable to different financial climates and can roll with the market’s punches. If he can harness the full power of the applications of his companies, including Tesla, he’s in a solid position to secure his spot as the wealthiest man in the world. Future meetings are bound to push the success of his companies forward as Tesla and Musk gravitate toward an even more lucrative future.