As Tesla Stocks Rise Spectacularly, Elon Musk Is Poised To Become The Richest Man On Earth Once Again

Recent gains in Tesla stock are bringing Tesla CEO Elon Musk closer to reclaiming the title of world's richest man.

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This year, Tesla stock has nearly wiped losses from 2022 and is up 68%. In only the previous five days, Tesla's stock has increased by roughly 9 percent. And if this trend continues, Elon Musk may surpass LVMH CEO Bernard Arnault as the richest person in the world.

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Musk's wealth has increased by $50 billion this year since a large portion of his assets is related to Tesla shares. As of Thursday's market closing, he was worth $186 billion, according to the Trade Algo.

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This is just $3 billion behind Arnault, who topped Musk in December as Tesla stock continued to decline.

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The pattern is also consistent with the year-to-date increase in billionaire wealth, which has increased by a total of $140 billion in the last six weeks. The rise of the personal fortunes of the ten richest individuals exceeds the market value of Starbucks, the world's largest coffee company.

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Musk might shortly surpass Arnault on the Bloomberg Billionaires Index due to the fact that Tesla has outperformed LVMH shares thus far this week.

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Tesla's stock fell 3.0% on Friday but gained 5.7% for the week. LVMH shares traded in the United States fell 1.6% on Friday, putting them on pace for a 4.7% weekly loss. The Bloomberg Billionaires Index is updated at the conclusion of each New York trading day.

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Rising interest rates hampered investors' desire for riskier bets, and shareholders were concerned that Elon Musk's messy $44 billion acquisition of Twitter would weigh on Tesla's stock price.

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But Tesla has produced a remarkable return in the first several months of this year, thanks to investors' rising confidence that interest-rate decreases are imminent and a fourth-quarter profits report that is above Wall Street's expectations.