The world’s richest man has become more wealthier as a result of positive market moves. According to the Bloomberg Billionaires Index, Elon Musk‘s net worth has risen to $255 billion, passing LVMH owner Bernard Arnault as investors continue to pour money into Tesla.
This week, the EV maker’s stock surpassed $290, bringing its market capitalization to more than $900 billion. Musk owns over 13% of the company and has over 300 million exercisable options; as a result, his personal fortune is closely linked to the firm’s stock-market performance.
The stock’s amazing return in 2023 – up 136% year to date – can be attributed in part to investor enthusiasm for the rise of generative AI, which has boosted the entire equity market this year. Musk’s personal wealth has skyrocketed as a result of the rise, becoming him the world’s solitary quarter-trillionaire.
But Musk has been here before: his net worth was estimated to be $340 billion in November 2021, when Tesla shares reached an all-time high. Only eight months later, it had fallen to $125 billion, earning the businessman the Guinness World Record for the biggest amount of money lost (between $180 and $200 billion) in a year.