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

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

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 was in second place for more than two months. According to Bloomberg, a rise in Tesla stock has sent Mr. Musk back to the top of the Billionaires Index.

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

Mr. Musk’s fortune has grown thanks to a 70 percent increase in Tesla’s share price this year. It’s nearly 100 percent higher than the intraday low on Jan. 6, as investors reinvest in riskier growth stocks amid signs of economic strength and a slower pace of 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 asset losses in recent memory.

Also read: “Hard work was a mistake”: Twitter employee after firing

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

In the midst of all this, the CEO of Twitter is implementing cost-cutting efforts at his newly acquired company, for 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 were fired by the Musk-led government. This comes after the billionaire cut more than 3,700 jobs at Twitter or half of the company’s workforce, a move to cut costs following his takeover.