Monitoring Desk
NEW YORK: Tesla owner and SpaceX CEO Elon Musk has again clinched the title of the world’s richest man by surpassing Bernard Arnault, the owner of LVMH.
The net worth of the business tycoon soared by $55.3 billion since January to $192 billion, after Tesla registered massive gains.
An index released by Bloomberg shows Arnault’s fortune dropped by $24.5 billion to $187 billion. Jeff Bezos and Bill Gates secure third and fourth position, respectively.
The LVMH boss dethroned Musk as the world’s wealthiest men in December when shares of his company witnessed an increase following the rebound in demand of the luxury goods.
The stock prices of Tesla dropped drastically following the concerns expressed by investors after Musk acquired social media platform Twitter for $44 billion.
The stock prices went up by almost 92% since this year started as Musk regained trust of investors after he announced his decision of stepping down as chief executive of Twitter.
His recent trip to China also bolstered the trust of Tesla shareholders while the electric vehicle firm is benefiting from the surge in interest in artificial intelligence (AI).
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