Tesla TSLA +5.46% stock has surged to the top of the world’s richest people rankings, returning Musk to the top. Although Musk has recovered the crown he lost last year, he is still nursing a huge loss on paper. According to the Bloomberg Billionaires Index, Musk has a net worth of about $187 billion thanks to Tesla stock (ticker: TSLA).
As a result of Tesla shares’ decline, Musk surpasses Bernard Arnault’s $185 billion net worth, who took the top spot late last year. Tesla shares dropped drastically. Musk and smaller shareholders, despite the recent rally, will face substantial losses since the electric car maker reached its peak in late 2021. This led Musk’s estimated wealth to reach around $340 billion in late 2021.
Even so, it’s a positive milestone for Musk ahead of Tesla’s investor event on Wednesday, which could cause shares to rise. The hottest topic is the possibility of a low-cost Tesla vehicle, but it’ll need something special to sustain shares’ rise.
It’s likely that Musk will hold onto the top spot for a while if he unveils “the path to a fully sustainable energy future for Earth”.