Elon Musk sets a new record as the world's richest person

After being in the second spot for over two months, Mr Musk has returned to the top of the Billionaires Index. Billionaires CEO of the French luxury brand Louis Vuitton, dethroned him. Mr Musk returned to the top of the Billionaires Index following a surge in Tesla shares. 

A rise in stock price has been observed

After the markets closed, approximately $187.1 billion is estimated to be Mr Musk's net worth as of Monday night. Tesla's stock price has increased 70% this year, adding to Mr Musk's fortune. As a result of signs of economic strength and a slower pace of Federal Reserve interest-rate hikes, investors reinvest in riskier growth stocks, boosting the market nearly 100 per cent from its intraday low on January 6.

Taking over the giant of the internet

Between November and December last year, Tesla's net worth dropped by over $200 billion, making it one of the largest wealth losses in modern history. Tesla shares dropped rapidly in value then, causing the abrupt crash. Amid investor fears about Covid-19 in China and Mr Musk's contentious takeover of Twitter, the company lost $700 billion last year, its worst year ever on Wall Street. 

He tweeted in November that the microblogging site was losing nearly $4 million daily amid all this. He spent $44 billion on the company and is now making cost cuts. Twitter's executive board announced its eighth round of layoffs, and more than 50 people were fired following the billionaire's acquisition of the internet giant and his plans to cut costs.

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