Elon Musk Is Once Again The Richest Person On The Planet

2022 was a difficult year for Elon Musk.

The software mogul purchased Twitter, but several events caused his net worth to drop dramatically.

Due to these challenging financial circumstances, he lost his title as the richest person globally.

Although Musk's fortune was still astoundingly high, it was a difficult time for him.

He was the first individual in history to lose USD$200 billion (AUD$111.8 billion, £296.4 billion) from one's own money when he entered 2023 with a net worth of USD$137 billion (AUD$203 billion, £76.6 billion).

It must hurt, right?

Yet he has stitched himself back together once again, much like Humpty Dumpty seen from atop a wall.

According to Bloomberg, the South African billionaire has surpassed Bernard Arnault, CEO of Moët Hennessy Louis Vuitton, by a whopping $5 billion and now has an astounding net worth of USD$187.1 billion (AUD$277.3 billion, £155.1 billion).

That is not bad, considering he is the top man in the world for luxury products.

The Bloomberg Billionaires Index claims that Arnault succeeded Musk last year when Tesla stock fell in December.

On January 3, 2023, stocks reached a low of US$108.10 (AUD$160.26, £89.63).

On Monday, February 27, Tesla's shares reached a closing of USD$207.63 (AUD$307.76, £172.15); therefore, it appears like 2023 will be a good year for Musk.

The newly re-crowned wealthiest man in the world also had a huge financial windfall as Tesla stock soared by 70% in the first quarter of 2023 and is now up almost 100% from its low point on January 6, according to Bloomberg.

Investors are now considering taking another chance on Musk.

Because of slowed growth in terms of interest rates, stocks are rising, the Federal Bank appears to be in better shape, and the Federal Reserve is carrying out its mandate.

As Tesla reduced the price of various models, there was also an increase in interest in electric vehicles.

Wonderful news for drivers who conserve energy and for Elon Musk, whose auto company's stock rose 5.5% as well.

Tesla stock achieved a delectable USD$207.63 mark as of 4 p.m. on February 27 in New York, and Musk's net worth increased to where it is currently.

This is Really good and not at all awful.

The 51-year-old has once again shown that he shouldn't be questioned.