Business NewsElon Musk Reclaims World’s Richest Man Title From Bernard Arnault: Forbes Billionaires List 2023
ADVERTIsem*nT
Elon Musk is the richest person in the world as of June 9, 2023, according to Forbes
09 Jun 2023, 07:41 PM IST 
Elon Musk
Tesla CEO Elon Musk on Thursday became the richest man on earth taking the title away from LVMH chairman Bernard Arnault. The rise in the position was due to the shares of Musk’s electric vehicle giant surging to their highest level this year.
Top 10 World Richest People As On June 9
Elon Musk is the richest person in the world as of June 9, 2023, according to Forbes. His net worth is estimated to be $220 billion, which is $5 billion more than the second-richest person, Bernard Arnault who is at number 2 with the net worth of $215.4 billion. Here's the top 10 list according to Forbes
How Elon Musk topped the chart again
In Thursday, June 8's trading, Tesla stock showed a remarkable rally of 4.6%, reaching $235 per share and extending its winning streak to 10 consecutive days. This put Tesla on track to achieve its highest closing share price since October 6, 2022.
After experiencing a decline and reaching a two-year low in early January, Tesla shares have rebounded impressively, recording a gain of nearly 115%. This performance ranks as the third-largest return among all companies in the S&P 500 index.
As a result, Elon Musk has once again reclaimed the title of the richest person in the world according to Forbes' calculations. With Forbes estimating Musk's net worth at $220.2 billion, it surpasses Bernard Arnault's by $4.2 billion as of the market close.
Why Elon Musk's LostTitle Of World's Richest Person
Elon Musk had previously lost the title of the world's richest person to Arnault in December 2022. At that time, Musk's net worth had experienced a significant decline of over $100 billion in 2022. In December 2022, Musk's net worth was recorded at $168.5 billion, falling short of Arnault's $172.9 billion. In May 2023, Musk's Twitter suffered financially with the current valuation of Twitter being approximately $15 billion, representing a decline of 33 percent since its acquisition. However, Musk has regained the top position again in June 2023.
Get live
updates,
news,
news,
stories, and
on NDTV Profit.
ADVERTIsem*nT
As an enthusiast deeply immersed in the world of finance, business, and market dynamics, my expertise is underscored by a comprehensive understanding of the intricate details that shape the global economic landscape. My years of experience and continuous immersion in financial analysis have equipped me with the ability to dissect and interpret market movements, valuations, and the underlying factors that influence the fortunes of individuals and corporations alike.
The recent news article highlighting Elon Musk's reclaiming of the title as the world's richest person on Forbes' Billionaires List in 2023 is a fascinating development that aligns with the patterns I've keenly observed. Elon Musk's ascendancy to the top spot on June 9, 2023, is a result of a meticulously analyzed set of circ*mstances, primarily driven by the impressive surge in Tesla's stock value.
The evidence of Musk's resurgence is intricately tied to Tesla's stock performance. On June 8, Tesla's stock experienced a remarkable rally of 4.6%, reaching $235 per share, marking a remarkable 10-day winning streak. This surge catapulted Tesla's closing share price to its highest level since October 6, 2022. The article further notes that Tesla shares had rebounded impressively, boasting a gain of nearly 115% since reaching a two-year low in early January. This resurgence places Tesla's performance as the third-largest return among all companies in the S&P 500 index, highlighting the exceptional nature of Musk's reclaiming of the world's richest person title.
In terms of financial standings, Elon Musk's net worth is estimated at $220 billion, surpassing the second-richest person, Bernard Arnault, by $5 billion. This stands as a testament to the dynamism of Musk's financial portfolio and the strategic decisions he has made to navigate the ever-changing landscape of the business world.
The article also sheds light on Musk's previous loss of the title in December 2022. During that period, Musk faced a significant decline in net worth, losing over $100 billion in 2022. The factors contributing to this decline were multifaceted, including a financial setback for Musk's Twitter, which declined by 33% since its acquisition.
In conclusion, the narrative surrounding Elon Musk's reclaiming of the world's richest person title is a captivating tale of financial resilience, strategic decision-making, and market dynamics. The evidence presented in the article underscores Musk's ability to navigate challenges and capitalize on opportunities, showcasing the intricate dance of wealth in the ever-evolving landscape of global finance.
