Elon Musk has reclaimed his position as the world’s richest man as the Tesla CEO’s net worth reached an estimated $187 billion this week, according to data tracked by Bloomberg Billionaires Index.
In mid-December, Musk lost his top rank to French business magnate Bernard Arnault, chief executive of luxury brand Louis Vuitton’s parent company LVMH, as shares in the car manufacturing industry declined.
While Tesla shares lost more than 50 percent value in 2022 and slid to their lowest level in nearly two years, shares for the electric vehicle maker rebounded this year and have since surged.
According to Bloomberg, Tesla stock is up by about 100 percent since its intraday low on Jan. 6, with each share currently trading at $207.63 per share. The increase is driven by a better economic forecast as investors reinvest in riskier growth stocks….