Elon Musk is again the world’s richest individual
ELON Musk reclaimed the ‘throne’ as the world’s richest individual after the title was held by the family of luxury fashion owner LVMH, Bernard Arnault.
Since the start of 2023 Musk’s wealth has jumped nearly 70 percent as the share price of Tesla, his electric vehicle company, benefited from a 100 percent rally after hitting lows in January.
Tesla is profiting as demand for electric vehicles (EVs) increases after it cuts the prices of some of its car models.
Musk took over the top spot after seeing Tesla shares rise 5.5 percent throughout Monday, making his total wealth now US$187.1 billion (RM836.06 billion) beating Arnault’s US$185.3 billion (RM828.01 billion), according to financial data provider Bloomberg .
The value of Tesla’s profits began to skyrocket since the COVID-19 pandemic, but due to concerns about production, Tesla became one of the technology stocks that was badly affected last year.
In the meantime, Musk’s finances were also affected by US$44 billion (RM196.61 billion) last year when he was required to sell Tesla shares worth US$15 billion (RM67.01 billion) in his bid to take over Twitter at the end of October, at the same time becoming controversial among investors.
