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Business News/ News / World/  Elon Musk reclaims world's richest man position, but Adani falls to..
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Elon Musk reclaims world's richest man position, but Adani falls to..

Elon Musk's wealth has surged on the back of rally in the electric carmaker Tesla’s stock

Tesla founder Elon Musk (via REUTERS)Premium
Tesla founder Elon Musk (via REUTERS)

Billionaire Elon Musk has surpassed France's Bernard Arnault to regain his spot as the world’s richest person, as per the Bloomberg Billionaires Index, on the back of an over 90% surge in Tesla Inc’s stock price this year so far (YTD). On the other hand, Indian industrialist Gautam Adani's fortune has continued to fall on the back of selling pressure in his Group stocks in over a month.

Tesla's chief executive Elon Musk's net worth stands at $187 billion as of 28 February 2023, as per the index, which is up about $50 billion or 36% in 2023 yet - exceeding the $185 billion personal fortune of Bernard Arnault who is the French tycoon behind luxury-goods powerhouse LVMH. Tesla’s gains have far outpaced the rally in the tech-heavy Nasdaq 100 Index, which is up about 10% in 2023, as per the Bloomberg data.

Musk had entered 2023 with a net worth of $137 billion, becoming the first person ever to lose $200 billion from their fortune and raising the prospect that he might struggle to reclaim his title as the world’s richest individual.

Meanwhile, Adani - who once comfortably sat at world's second richest position - has seen his net worth plunge the most this year, dragged by Hindenburg report on January 24 that accused his conglomerate of wrongdoings. He currently stands at 32nd position in the world's richest index with a fortune of $37.7 billion.

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The wealth figures are updated at the close of every trading day in New York.

Elon Musk, 51, is the chief executive of Tesla, which sells electric vehicles and home solar batteries. Musk's also the chief executive of SpaceX, a rocket manufacturer tapped by NASA to resupply the space station, and has a stake in social networking company Twitter.

In April 2022 Musk offered to buy Twitter Inc for $44 billion. The deal closed in October 2022. He said this month that he may need until the end of the year to stabilize Twitter’s finances before handing off to a new CEO.

(With inputs from Bloomberg)

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Updated: 28 Feb 2023, 10:03 AM IST
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