Twitter chief Elon Musk has regained his title as the world’s richest person, according to the Bloomberg Billionaires Index.
In December last year, Bernard Arnault, CEO of French luxury brand Louis Vuitton, toppled Tesla and Twitter CEOs from the top ranks.
Mr. Musk had been in second place for more than two months. According to Bloomberg, the surge in Tesla stock has propelled Mr. Musk back to the top of the Billionaires Index.
According to estimates, as of Monday, after the market closed, Mr. Musk’s net worth was about $187.1 billion, more than Mr. Arnault’s $185.3 billion.
Mr. Musk’s wealth has grown due to a 70 percent rise in Tesla’s share price this year. It is up nearly 100 percent from its intraday low on Jan. 6 as investors reinvested in riskier growth stocks amid signs of economic strength and the Federal Reserve’s slow pace of interest rate hikes, according to Bloomberg.
However, the Tesla chief’s net worth declined by more than $200 billion between November and December last year, in what was considered one of the biggest losses of wealth in recent history.
The rapid decline in the value of Tesla’s shares at that time caused a sudden crash. Last year was the company’s worst year ever on Wall Street, with a $700 billion loss due to the effects of COVID-19 in China and investor fears about Mr Musk’s controversial acquisition of Twitter.
In the midst of all this, the Twitter CEO is cutting costs for his newly acquired company, which he shelled out $44 billion for. He had tweeted in November that the microblogging site was losing around $4 million a day.
Recently, Twitter announced its eighth round of layoffs, and more than 50 people were fired by the administration led by Mr. Musk.
It comes after the billionaire cut more than 3,700 jobs at Twitter, or about half of the company’s workforce, in a move to reduce costs following its acquisition.
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Information Source: NDTV