Elon Musk is likely to reclaim his title as world richest man

Tesla CEO, Elon Musk, appears likely to reclaim the title of world’s wealthiest man, which he lost a few months ago to French billionaire and luxury merchant Bernard Arnault. 

Musk’s fortune has been slowing steadily since he made history this year by becoming the first person to lose $200 billion. 

According to the Bloomberg Billionaire Index, Elon Musk’s net worth of $191 billion is now very close to that of Bernard Arnault ($192 billion), the world’s current richest man. 

Musk has narrowed the gap to Arnault to less than $1 billion amid indications of increased demand for Tesla’s electric cars. Because of Tesla Inc.’s 70% growth this year, Elon Musk is on the verge of reclaiming his position as the world’s richest person after dropping behind Bernard Arnault in December. 

Tesla share price increase: Since January, the share price of the electric vehicle manufacturer has increased by 65% to $201.29. Tesla’s rise in value, like the general market’s, was fueled by higher-than-expected fourth-quarter earnings and other events that the market interpreted as positive indicators of future performance. 

Elon Musk’s philanthropy: Billionaire Elon Musk said he donated roughly $1.95 billion (£1.6 billion) worth of shares in his electric carmaker to charity last year. 

•  Elon Musk previously donated shares in the company in 2021 worth about $5.7 billion, making it at the time one of the largest philanthropic donations in history.  
•  The recipient for the donation was later revealed as the Musk Foundation, which has recently provided funds to education and carbon-removal projects as well as nonprofits in the area around Brownsville, Texas, close to his SpaceX spaceport.