Tech billionaire Elon Musk reclaimed the title of the world's richest man this week after a difficult 2022.
As of Monday, Mr. Musk’s fortune sat just above $187 billion, beating former first-place holder Bernard Arnault by about $2 billion. Mr. Musk originally lost his spot at the top of the world’s richest men to Mr. Arnault in December, according to the Bloomberg Billionaires Index.
Mr. Musk being back on top could be attributed, at least in part, to the Tesla stock price bouncing back this year. After a difficult 2022, when the stock price dropped nearly 50%, Tesla rebounded by nearly 50%. The price stood at $108.10 on Jan. 3 and reached $209.15 on Tuesday. The steep drop in price last year was attributed to Mr. Musk’s acquisition of Twitter as well as general market trends.
During his time in second place, Mr. Musk claimed the record for the largest fortune lost by a single person. In 2022, Mr. Musk lost over $200 billion and saw his personal drop fortune from $340 billion to $137 billion.
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