Elon Musk becomes World’s richest person once again

Elon Musk has become the world’s richest person, according to Bloomberg Billionaires Index. The billionaire reclaimed his title after a surge in Tesla stock. Elon Musk was dethroned by Bernard Arnault, CEO of the French luxury brand Louis Vuitton, in December last year. Till then musk has remained as the World’s second richest man for two months.

According to Bloomberg, a surge in Tesla stock has sent Musk back to the top of the Billionaires Index. Elon Musk’s net worth was approximately $187.1 billion after the markets closed on Monday. While Bernard Arnault has an estimated wealth of $185.3 billion.

According to Bloomberg, Musk’s fortune has grown due to a 70 per cent increase in Tesla’s stock price this year. It is nearly 100 per cent higher from its intraday low on January 6 as investors re-invest in riskier growth stocks.

However, the net worth of Elon Musk fell by over $200 billion between November and December last year after he took over Twitter. His loss of fortune was regarded as one of the largest losses of wealth in recent history.

Recently, Twitter announced its eighth round of layoffs and more than 50 people were fired by Mr Musk-led administration. Prior to that, the micro-blogging platform cut more than 3,700 jobs, which is half of the company’s workforce, a move to cut down costs following his acquisition.