March 30, 2023

La Ronge Northerner

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Elon Musk is the richest person in the world again after Tesla shares soar 100%

Elon Musk’s net worth dropped by more than $200 billion between November and December.

Elon Musk has reclaimed his title as the richest person in the world, according to Bloomberg Billionaires Index.

In December last year, Bernard Arnault, CEO of the French luxury brand Louis Vuitton, dethroned the CEO of Tesla and Twitter from the top ranks. Mr. Musk has been in second place for more than two months. According to Bloomberg, the rally in Tesla shares has put Musk back at the top of the billionaires index.

According to estimates, as of Monday, after markets closed, Mr. Musk’s net worth was about $187.1 billion, surpassing Arnault’s $185.3 billion.

Mr. Musk’s wealth has grown due to a 70 percent increase in Tesla’s share price this year. It’s nearly 100 percent higher than its intraday low on Jan. 6 as investors reinvest in riskier growth stocks amid signs of economic strength and a slowing pace of interest rate hikes by the Federal Reserve, according to Bloomberg.

However, the Tesla chief’s net worth fell by more than $200 billion between November and December last year, which was considered one of the largest wealth losses in recent history.

Also read: ‘Hard work was a mistake’: Twitter employee after being fired

The rapid decline in the value of Tesla shares at that time caused the sudden crash. The company had its worst year ever on Wall Street last year, losing $700 billion on investor concerns about the effects of Covid-19 in China and Mr Musk’s controversial takeover of Twitter.

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Amid all this, the CEO of Twitter is making cost cuts at his newly acquired company on which he has spent $44 billion. He had tweeted in November that the microblogging site was losing nearly $4 million a day.

Recently, Twitter announced its eighth round of layoffs and more than 50 people have been fired by the administration led by Mr. Musk. It comes after the billionaire cut more than 3,700 Twitter jobs, or half of the company’s workforce, in a cost-cutting move after its acquisition.

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