Elon Musk returns to the top, becomes richest person on the planet again

Elon Musk returns to the top, again becoming the richest person on the planet.

Twitter chief and Tesla CEO Elon Musk has become the world’s richest person again on February 28 with a net worth of over $50 billion so far in 2023, according to the Bloomberg Billionaires Index.

He has overtaken French businessman Bernard Arnault who is now second on the list with a net worth of $185 billion. Musk’s net worth was $187 billion on Tuesday. Amazon founder Jeff Bezos is in third place with $117 billion.

The rise in Musk’s wealth can be attributed to the rally in Tesla shares, which have outpaced the Nasdaq 100 index’s rally so far this year. In 2023, the price of shares has increased by 92 percent. The Nasdaq 100 has jumped 11 percent so far this year. Musk currently holds a 13 per cent stake in the electric vehicle (EV) company.

Musk was at the top of the list for a large part of 2022. But after the acquisition of microblogging platform Twitter in October, Tesla shares plummeted. This led to a decline in his net worth. Arnault topped the list as of Monday.

Arnault’s net worth has increased by $23.3 billion so far this year. In the first two months of 2023, Bezos has a profit of $ 10.2 billion. Bill Gates and Warren Buffett are the other two businessmen in the top five.

With a net worth of $81.1 billion, Mukesh Ambani is the only Indian to feature in the top 10 of the list. This year he has lost $ 6.02 billion, but he has managed to remain in the top ten.

On the other hand, Gautam Adani, who was third in the list less than 2 months ago, is now ranked 32nd. His net worth was $37.7 billion. So far this year, they have lost $82.8 billion. This could be largely due to a report released by US-based short seller Hindenburg Research, which termed Adani Group shares as “overvalued”.

Since then, almost all the shares of the group have faced a selloff in the Indian markets.

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