World’s Richest Man: Elon Musk Returns To Top Post

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World’s Richest Man: Elon Musk Returns To Top Post

| Updated: February 28, 2023 12:54

Elon Musk, CEO of Tesla and Twitter, once again rose to the top of the Billionaires Index on February 28, after seeing his worth increase by over $50 billion so far in 2023.

He overtook French tycoon Bernard Arnault, who is currently ranked second on the list with $185 billion in total worth. On Tuesday, Musk had a net worth of $187 billion. The Founder of Amazon, Jeff Bezos, is in third place with $117 billion. 

Musk’s wealth has increased as a result of the Tesla stock surge, which has outperformed the Nasdaq 100 Index rally so far this year. In 2023, the share price had increased by 92%. The Nasdaq 100 has increased 11% so far this year. Now, Musk owns 13% of the electric vehicle (EV) business.

For a significant portion of 2022, Musk was at the top of the list. But Tesla’s stock dropped after he bought Twitter, a microblogging platform, in October. His net worth decreased as a result. Up until Monday, Arnault remained at the top of the list.

Arnault’s net wealth has increased this year by $23.3 billion. In the first two months of 2023, Bezos had made $10.2 billion. The other two successful businessmen in the top five are Bill Gates and Warren Buffett.

Mukesh Ambani, the only Indian to appear in the top 10 of the list, with an estimated net worth of $81.1 billion. Despite his $6.02 billion loss this year, he has maintained his ranking in the top ten. Contrarily, Gautam Adani, who was ranked third on the list less than two months ago, is currently ranked 32. He had a $37.7 billion net worth. He has already lost $82.8 billion this year.

This could be partly attributed to a study published by US-based short seller Hindenburg Research, which referred to the Adani Group equities as being “overpriced.” Since then, the Indian markets have seen a sell-off in practically all of the group’s shares.

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