Elon Musk reclaims title as world’s richest person



Elon Musk, the owner of social media platform and micro blogging service X (Twitter) and the renowned company Tesla, which mainly manufactures cars in the United States, has once again reclaimed the title as the world’s richest person.

1. Elon Musk

  • Net worth: $251.3 billion
  • Source: Tesla, SpaceX, X (Twitter)
  • Age: 52
  • Residence: Austin, Texas
  • Citizenship: U.S.

Tech tycoon Elon Musk’s wealth has surged to $232 billion in 2023, a $92 billion increase in the past year.

Elon Musk’s wealth has increased due to a 12.95% stake in his company Tesla (an automotive company), which has performed exceptionally well this year.
The world’s most expensive carmaker concluded the year with a market value of $248 billion, which is 130% higher than the previous year.
 
In addition, despite the ups and downs of the micro blogging website X (formerly Twitter), Elon Musk’s wealth increased.
According to Bloomberg Billionaires Index, there has been an increase of more than $1.5 trillion in the combined wealth of the world’s 500 richest individuals this year, compared to a decrease of $1.4 trillion seen last year.


Bernard Arnault, the owner of the French luxury goods manufacturing company LVMH, saw an increase of $126 million in his assets, bringing his total wealth to $179 billion, making him the second richest person in the world after Elon Musk.
 
Meanwhile, Jeff Bezos, the founder of Amazon, experienced a decrease of $1.4 billion in his assets, resulting in him being ranked third with a total wealth of $177 billion.


In fourth place on the list is Bill Gates, the founder of Microsoft, whose wealth increased by $217 million in 2023, bringing his total wealth to $141 billion.
Originally from South Africa, Musk moved to Canada before his 18th birthday, worked a variety of jobs, enrolled at Queen’s University in Ontario and then transferred to University of Pennsylvania, where he earned a bachelor’s degree in economics.
In 2000, he merged an online bank he cofounded, X.com with a similar outfit cofounded by Peter Thiel to form PayPal, which eBay bought in 2002 for $1.4 billion. 

He founded SpaceX in 2002 in El Segundo, near Los Angeles. In 2004 he joined Tesla as an investor and chairman, a year after it was founded; he was later granted the cofounder title. Musk, who became CEO of Tesla in 2008, took the company public in 2010. Its market capitalization soared during 2020 and 2021. 

In September 2021, Musk became the world’s richest person. In November 2021, his fortune peaked at a whopping $320 billion. Musk was also the world’s richest person for most of 2022—until December 2022, when a drop in Tesla’s share price pushed down the value of his fortune.


Musk became the world’s richest person again on June 8, 2023 and held onto the number one spot for the remainder of 2023. Musk’s fortune rose by about $6 billion in December, lifted by a 4% rise in the price of Tesla shares.
 


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